Live Stock Market Trading Tips and Calls
The Indian rupee declined in the early trade on Monday. It opened lower by 21 paise at 67.85 per dollar against 67.64 Friday.
India, February 8, 2016 (Newswire.com) - INDIAN MARKETS ROUNDUP
Markets opened on positive note and closed at day high. Almost all sectors were positive contributed to lead the market, with Bank Nifty, Pharma, & Metals contributed the most. We expect short term momentum to be in positive as stochastic and RSI are trading in oversold region.
Nifty made bullish candel and closed at a day high 7500 level, which suggest positive momentum should continue in short run. Immediate resistance is at 7540 which will act as a stiff resistance for Nifty.
OPENING BELL: Sensex, Nifty50 flat; Bhusan Steel gains 11%, SAIL 3%, Tata Steel 2%; Tata Motors, Infy down 1% each.
Bank Nifty is treading in downward sloping channel. On weekly chart, Bank Nifty has formed hammer pattern which is considered as bullish reversal pattern with resistance at 15600 / 16100 / 16385. We expect bounce back in Bank nifty is likely to hold support of 14755, below which it can weaken further till 14585 levels where 200 weeks EMA lies.
LIVE UPDATE
Tata Steel (up 2.8 per cent), Axis Bank (up 2.2 per cent), State Bank of India (up 1.9 per cent), ICICI Bank (up 1.3 per cent), and Adani Ports (up 1.2 per cent), were the major Sensex gainers.
Tata Motors (down 1.6 per cent), TCS (down 1.2 per cent), Infosys (down 1.1 per cent), and HUL (down 1 per cent) were the major Sensex gainers.
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