Published February 19, 2019
The market showed a small loss Monday, and Nifty 50 (NIFTY) ended the day at 10641 points, which is a decline of 0.78 per cent. The index has now closed down for the seventh day in a row. 419 shares showed a gain and 1051 showed a loss. 65 shares were unchanged and closed at the same price as the previous day. There was no trading in 190 shares. The value of the total volume of shares and primary capital certificates traded Monday was approximately 264.0 billion.
Among the most liquid stocks on NSE there are a few that are hovering around their supports. A small crack and close below support area could lead to fresh selling in them. However, these big names also take cues from the broader market, and if the markets decide to turn up, these stocks may establish a support and return to their up journey. Remember that the Nifty index closed near its support around 10600 points.
Housing Development Fi (HDFC.NS) Close: 1874.85
Housing Development Finance Corporation Limited does not show any clear trend in the medium term. The stock has developed a rectangle and a head and shoulders formation and has closed marginally below the neckline. If the stock continues to go down it would be a sell signal and may go down further to 1780 rupees or lower. There is support around 1780 and 1655 levels. On the upside there is resistance between 1930 and 2007 rupees.
Recommendation one to six months: Watch
Aurobindo Pharma Limited has broken through the floor of a rising trend channel in the medium term. This indicates a slower rising rate at first, or the start of a more horizontal development. The stock is moving within a rectangle formation between support at 705 and resistance at 797. A decisive break through one of these levels indicates the new direction for the stock. The stock is testing support at rupee 710, which may give a positive reaction, but if the price breaks and closes below the support it will be a sell signal.
Recommendation one to six months: Watch
The analyses are based on closing price as per February 18, 2019. Maintaining proper stop loss is always recommended.
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Investtech guarantees neither the entirety nor accuracy of the analyses. Any consequent exposure related to the advice / signals which emerge in the analyses is completely and entirely at the investors own expense and risk. Investtech is not responsible for any loss, either directly or indirectly, which arises as a result of the use of Investtechs analyses. Details of any arising conflicts of interest will always appear in the investment recommendations. Further information about Investtechs analyses can be found here disclaimer.
The content provided by Investtech.com is NOT SEC or FSA regulated and is therefore not intended for US or UK consumers.