It was yet another weak session for the market on June 14 as traders remained cautious ahead of the outcome of two-day meeting of the US Federal Reserve. The BSE Sensex fell more than 150 points to 52,694, and the Nifty50 declined over 40 points to 15,732, continuing southward journey for the third straight day.
Select banking, financial services, auto and FMCG stocks pulled the market down on Tuesday.
The broader markets also followed the trend of benchmark indices due to negative breadth. The Nifty Midcap 100 index declined 0.23 percent and Smallcap 100 index slipped six-tenth of a percent. About 1,105 equity shares declined against 803 rising shares on the NSE.
India VIX, which measures the expected volatility in the market, fell by 2.13 percent to 21.89 levels, but experts said having above crucial 20 mark is still pointing towards volatile swings and favourable trend for bears going ahead.
Stocks that were in action included Adani Enterprises which was the biggest gainer in the futures and options segment with 5.6 percent rally to Rs 2,196.5, Shilpa Medicare which climbed 6.7 percent to Rs 450, and Mahindra CIE Automotive which rose 3 percent to Rs 195.5.
Here's what Ruchit Jain of 5paisa.com recommends investors should do with these stocks when the market resumes trading today:
Recently the stock has seen a consolidation phase post a correction and prices are trading in a 'Triangle'. From the support end, the prices have witnessed some buying interest and could approach the resistance end in the near term which is seen around Rs 470.
However, for a continuation of a trended upmove, the stock needs a breakout from this pattern with good volumes. The ‘RSI Smoothed’ oscillator is in ‘buy’ mode and hence, one can hold existing positions in any with a stop-loss below the support.
The immediate supports for the stock are placed around Rs 410 and Rs 385.
The stock had witnessed buying interest whenever we see price corrections. Recently, the declines along with the broader markets have witnessed buying and the ‘RSI Smoothed’ oscillator is consolidating in the range of 40 to 60. A move beyond this range in RSI will then indicate a momentum and till then, we could see a consolidation within a broad range.
The immediate supports for the stock are placed around Rs 2,060 and Rs 2,000 while resistances are seen around Rs 2,300 and Rs 2,420.
Post the recent correction, the stock has been consolidating in a broad range which indicates that the trend has changed from down to sideways. The volumes in last few days are low and hence a breakout with good volumes is required for a positive momentum.
Traders with existing positions can continue to hold but a move above Rs 205 with good volumes is required for a fresh buy trigger.
The immediate support for the stock is placed in the range of Rs 180-170 while a move above the resistance of Rs 205 could lead to a momentum towards Rs 227.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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