Sensex, Nifty end over 4% higher in volatile session

Nifty reclaims 9,900 mark

3.50 pm

Closing trade

Equity benchmark Sensex spurted 1,325.34 points while the Nifty reclaimed the 9,900 level after a highly volatile session as investors rushed to buy stocks at beaten-down valuations after markets saw their biggest selloff earlier in the day.

As coronavirus-led recession fears triggered panic selling globally, indices plunged over 10 per cent in the opening session, hitting their lower circuit levels. Stock exchanges halted trading for 45 minutes within 15 minutes for market opening. Normal trading resumed at around 1030 hours. The last circuit freeze happened in January 2008.

Recovering over 5,380 points from its intra-day low of 29,388.97, the BSE Sensex ended 1,325.34 points or 4.04 per cent higher at 34,103.48. Similarly, the NSE Nifty settled 365.05 points, or 3.81 per cent, up at 9,955.20. It hit an intra-day low of 8,555.15.

Most Sensex components ended with gains. SBI was the top gainer, rallying over 13 per cent, followed by Tata Steel, HDFC, Sun Pharma, Bajaj Finance, Bharti Airtel and ICICI Bank. On the other hand, Nestle India, Asian Paints, HUL, Hero MotoCorp and HCL Tech ended in the red.

Fears of a global recession spiked, triggering a manic selloff in world stocks, analysts said, adding that the market is concerned about the adverse economic impact of government lock-downs across the world to contain Covid-19.

Bottom-fishing at hammered valuations helped market recover from the day’s lows, they added.

In rest of Asia, Shanghai slipped 1.23 per cent, Hong Kong 1.14 per cent, Seoul 3.43 per cent and Tokyo 6.08 per cent. Bourses in Europe opened up to 4 per cent higher.

The rupee too witnessed a sharp recovery, appreciating 47 paise to 73.81 per US dollar (intra-day). Brent crude oil futures surged 5.51 per cent to USD 35.05 per barrel.

The total number of confirmed coronavirus cases in India stood at 75, including 17 foreigners, as per health ministry data. Around 1,30,000 cases of Covid-19 have been recorded in 116 countries and territories, killing at least 4,900 people. - PTI

3.35 pm

European markets

European stock markets bounced back from their worst day ever, as signs of a US stimulus package helped soothe fears about an economic shock from the coronavirus pandemic.

The benchmark STOXX 600 index was up 4 per cent at 0805 GMT, following a 12 per cent plunge on Thursday on rising fears of a liquidity crunch after the European Central Bank decided to keep interest rates steady. Read the European stock markets report here

3.20 pm

Bitcoin slumps

Bitcoin plummeted to its lowest in almost a year before rebounding sharply, as coronavirus panic selling hit asset classes across global markets. In highly volatile trading, bitcoin fell over 20 per cent to around $3,850 in overnight trading, its lowest since March last year, before clawing back some of its losses. It was last up 9 per cent at $5,270.

On Thursday, bitcoin suffered its worst daily loss in nearly seven years, losing almost 40 per cent as the rout of major stock markets over the economic impact of the coronavirus outbreak spread to cryptocurrencies.

Bitcoin has lost around 60 per cent of its value since Saturday, underscoring its challenges in becoming a usable currency. - Reuters

3.05 pm

Stocks stage sharp recovery as world markets stabilise

Indian stocks recovered sharply in afternoon trading after tumbling earlier in the session as major global markets were lifted by hopes that a US stimulus package could help limit the economic damage from the coronavirus outbreak.

The NSE Nifty 50 index jumped 2.68 per cent or 257.40 points to 9,847.55, while the benchmark S&P BSE Sensex was up 2.68 per cent or 877.51 points at 33,655.65.

The indexes plunged more than 10 per cent each earlier in the day, triggering a “circuit breaker” for the first time since 2009 as panic over the pandemic gripped global markets. The indexes swung wildly after trading resumed at 10.20 am following a 45 minute halt.

“Global stocks have recovered, this is helping our markets. The 45-min breather gave people time to think and value buying emerged,” said Siddhartha Khemka, head of retail research at Motilal Oswal Securities. “US stimulus hopes have helped arrest losses for the moment.”

India's volatility index was up 19.8 per cent after surging 44 per cent to its highest in over a decade. The rupee reversed losses to trade about 0.56 per cent stronger at 73.9. It had fallen to a record low of 74.5075 against the dollar earlier in the session.

Sentiment was bolstered as US lawmakers neared an agreement with the White House on an economic rescue package to deal with the fallout from the coronavirus impact. House Speaker Nancy Pelosi said she hoped to announce a deal on Friday.

MSCI's broadest index of Asia-Pacific shares outside Japan clawed back earlier losses to trade a touch higher, while European and US stock futures were in positive territory. “Markets are acknowledging that they are in the oversold zone so there is some buying support coming in,” said Sujan Hajra, chief economist at Anand Rathi Securities.

Lender Housing Development Finance Corp Ltd led the recovery in Mumbai, rising as much as 13.2 per cent and on course for its best day in nearly a decade. HDFC Bank Ltd jumped 5.9 per cent, following a 10 per cent slide earlier in the session, while public sector peer State Bank of India surged 17 per cent.

Drugmaker Sun Pharmaceutical Industries Ltd climbed 13.6 per cent and was headed for its best day in more than eight years. The Nifty Pharma index was last up 5.8 per cent and the Nifty Bank Index 5 per cent higher. - Reuters

2.50 pm

SBI shares gain

The SBI stock was trading higher by over 12 per cent after plunging 13.39 per cent to hit its 52-week low in early trading hours.

SBI shares gain over 12%

The SBI stock was trading higher by over 12 per cent after plunging 13.39 per cent to hit its 52-week low in early trading hours. On the BSE, the ...

Read More  

2.35 pm

RBI to infuse Rs 4.05 lakh crore

 

To counterbalance possible domestic liquidity effects of the $2 billion sell-buy swap operation that it will conduct on March 16, 2020, the Reserve Bank of India (RBI) has decided to provide rupee liquidity for seven days aggregating ₹25,000 crore to the financial system today. This is in addition to the already announced provision of 14-day rupee liquidity aggregating ₹3.80 lakh crore.

The rupee liquidity infusion will be via variable rate repo auctions. The RBI said it is closely and continuously monitoring the rapidly evolving global situation and will take all necessary measures to ensure that money, debt and forex markets remain adequately liquid and stable, and continue to function normally. Here's more on RBI's move to infuse rupee liquidity to counter sell-buy operation

2.20 pm

Rupee reclaims lost ground

The Indian rupee staged a recovery in the afternoon session on Friday, trading 36 paise higher against the US dollar, after the Reserve Bank stepped in to maintain sufficient liquidity in the panick-stricken currency market.

At the interbank foreign exchange, the rupee opened at 74.39 and went on to hit the day’s low of 74.50 against the US dollar as investors panicked weighing turmoil in financial markets globally due to coronavirus pandemic. Read more on the local currency report here

2.05 pm

Airlines stocks plunge

Costly travel Crisil says fares are likely to rise because of limited capacity additions in the industry   -  V_V_Krishnan

 

Airline stocks plunged into deep red due to the ongoing travel restrictions in the wake of coronavirus outbreak. Shares of IndiGo and SpiceJet were trading with heavy losses.

InterGlobe Aviation, the parent of the country’s largest airline IndiGo, saw its shares slump 14.08 per cent to hit 52-week low of ₹875. SpiceJet dropped nearly 10 per cent to ₹44.70. More on the impact of COVID-19 on airlines stocks, read here

1.50 pm

FPIs pull out ₹34,000 crore in just eight trading sessions

 

Amidst fear of increase in coronavirus outbreak and the possibility of a global recession, foreign investors have pulled out more than ₹34,000 crore from Indian equities and bonds in March leading to a bloodbath in the stock market.

According to NSDL data, foreign portfolio investors (FPIs) pulled out close to ₹23,000 crore from equities in eight trading sessions in March, of which ₹10,500 crore went out in the last two days. On the debt side, FPIs pulled out a net investment of  ₹11,061 crore in March. On Thursday alone FPIs pulled out ₹7,950 crore. Read more on the impact of coronavirus fear on FPI markets

1.35 pm

Nifty Call

 

the benchmark indices opened with a huge gap-down and within a few minutes into trading, the lower circuit was triggered, as it hit 10 per cent on the downside. So, trading was halted for 45 minutes. After re-opening, the indices recovered sharply. Currently, the Nifty spot and the Sensex spot indices are up about a per cent each.

The market breadth of the Nifty 50 index has turned the bias towards bulls as 34 out of the 50 stocks are in the green. The mid-cap and small-cap indices too are recovering. Read our Nifty Call for March futures here

1.20 pm

Stocks rebound in afternoon session

Equity benchmark Sensex rebounded over 4,400 points from the day’s lows and the broader Nifty reclaimed the 9,800 level in afternoon session as investors scrambled to buy stocks at hammered valuations.

Recovering from an intra-day low of 29,388.97, the BSE-share index was trading 1,363.86 points or 4.16 per cent higher at 34,142. Similarly, the NSE Nifty was trading 398 points, or 4.15 per cent, up at 9,988.15.

In opening session, both indices plunged over 10 per cent, hitting their lower circuit levels, as new coronavirus-led recession fears triggered panic selling in the market. Stock exchanges had halted trading for 45 minutes within 15 minutes for market opening. Normal trading resumed around 1030 hours.

“Last time we had a circuit freeze and halt to trading on January 22, 2008, when the Sensex had its biggest loss (till then) of 1,408 points,” VK Vijaykumar, Chief Investment Strategist at Geojit Financial Services.

SBI was the biggest gainer in the Sensex pack, rallying up to 12 per cent, followed by Sun Pharma, HDFC, Tata Steel, Bajaj Finance, Maruti, ICICI Bank and Bharti Airtel. On the other hand, Nestle India, Asian Paints, TechM, Hero MotoCorp and ONGC were trading up to 4 per cent lower.

According to market participants, volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a manic selloff. Mild recovery was seen in other Asian bourses too with Shanghai down 1.23 per cent, Hong Kong 2.60 per cent, Seoul 6.08 per cent and Tokyo 3.43 per cent.

The rupee too witnessed a sharp recovery, appreciating 36 paise at 73.92 per US dollar (intra-day). Brent crude oil futures surged 3.25 per cent to USD 34.42 per barrel. - PTI

1.05 pm

CEA assures of relief measures

File Photo of government’s Chief Economic Advisor Krishnamurthy Subramanian.   -  The Hindu

 

“Government and regulator will be responding when it will be necessary,” the government's chief economic adviser Krishnamurthy Subramanian told reporters in response to a question if the government planned relief measures to tackle a rout in the stock market and the rupee currency. Click here to read more on CEA's statement on relief measures to calm market rout

12.50 pm

Yes Bank shares gain 10%

Shares of Yes Bank rose nearly 10 per cent after State Bank of India said it will infuse ₹7,250 crore into the crippled private sector lender. The scrip witnessed a sharp rise, spiking 9.98 per cent to ₹27.55 on the BSE. On the NSE, it jumped 10.57 per cent to ₹27.70.

Yes Bank shares gain nearly 10%

Shares of Yes Bank on Friday rose nearly 10 per cent after State Bank of India (SBI) said it will infuse ₹7,250 crore into the crippled private sector ...

Read More  

12.35 pm

Panic hit cardamom market

Cardamom auction

 

Coronavirus outbreak seems to have created a panic situation in the cardamom market, as sellers fear suspension of trading activities in the auctions due to the virus attack.

This has forced sellers to liquidate their stock at the first available opportunity, which is evident from the increased arrivals at 72 tonnes in the auctions at Bodinayakanur. In the morning session, the auctioneers Green House Auctions offered 17 tonnes, while the offer made by the second auctioneer SIGCCL was 55 tonnes. Read more on the cardamom auctions and the impact of coronavirus here

12.20 pm

Market Mayhem: Even bitcoin and gold were not spared

 

In the market rout across the globe, even the safest asset classes have not been spared. Investors who took shelter in gold and other precious metals as equity markets took a beating, have taken a hit too.

Over the last one week, while gold and silver are down five per cent and nine per cent respectively, platinum is down 12 per cent. Palladium has fallen by a sharp 24 per cent. Click here to read more on the impact of market crash on the safe havens

12.05 pm

Stocks claw back losses

The stocks erased most of their losses in a volatile session after a 10 per cent crash in the main indexes on coronavirus fears triggered a rare trading halt earlier in the day.

Trading on the exchanges hit a “circuit breaker” a few minutes into morning session - the first time since 2009 - as widespread panic over the coronavirus pandemic gripped global markets. Indian indexes swung wildly after the markets resumed trading at 10.20 am.

The NSE Nifty 50 index was down 0.56 per cent or 54.05 points at 9,536.10, while the benchmark S&P BSE Sensex traded down 0.41 per cent or 135.51 points at 32,642.63. The volatility index surged 44 per cent to its highest in over a decade.

“I don't think this is a return of positive sentiment, markets are very volatile,” said Sujan Hajra, chief economist at Anand Rathi Securities. “Markets are acknowledging that they are in the oversold zone so there is some buying support coming in.”

The rupee, which earlier fell to a record low of 74.5075 against the dollar, reversed losses to trade about 0.4 per cent stronger at 73.99.

Lender Housing Development Finance Corp Ltd was the top boost to the stock indexes, jumping as much as 5.5 per cent, while drugmaker Sun Pharmaceutical Industries Ltd surged nearly 10 per cent and was headed for its best day in more than eight years.

The Nifty Pharma index was last up 2.5 per cent and the Nifty Bank Index a touch higher. - Reuters

11.50 am

Investors wealth eroded

The mayhem on Dalal Street eroded investor wealth worth Rs 12,92,479.88 crore.   -  The Hindu

 

Investor wealth worth nearly ₹12 lakh crore was wiped off in less than 15 minutes of trade opening, with benchmarks crashing over 10 per cent on mounting fears over coronavirus pandemic.

The mayhem on Dalal Street eroded investor wealth worth ₹12,92,479.88 crore, taking the total m-cap to ₹1,12,78,172.75 crore on the BSE at 1020 hours. The m-cap of BSE-listed companies stood at ₹1,25,70,652.63 crore at the end of trading on Thursday. Read more on the investors wealth and the market carnage

11.35 am

SEBI allays fears of systemic risk/margin pressure

 

Market regulator SEBI issued a statement allaying fears of systemic risk or margin pressure.
SEBI in the release said Indian markets moving in tandem with global markets; value-at-risk, initial margins cover 99 per cent trade risk; extreme loss margin covers residual risk; and constantly monitoring settlement & clearing of trades. Click here to read more

11.20 am

What is circuit breaker?

The market-wide circuit breakers would be triggered by the movement of either BSE Sensex or NSE S&P CNX Nifty, whichever is breached earlier.

All you wanted to know about circuit breaker

In the stock markets, the circuit breaker halts trading in all equity and equity derivative markets nationwide for a specified time, when the index ...

Read More  

11.05 am

Stocks gain in sharp reversal

The stocks turned positive in a dramatic reversal after a 10 per cent crash forced a trading halt earlier, rising in line with global markets. The NSE Nifty 50 index was up 1.1 per cent at 9,672.9 by 0521 GMT, while the benchmark S&P BSE Sensex traded up 1 per cent at 33,213.19.

Trading on the exchanges were halted a few minutes into morning session after a 10 per cent plunge and resumed at 10.20 am.

The rupee, which earlier fell to a record low of 74.508 against the dollar, reversed losses to trade 0.48 per cent stronger at 73.985. - Reuters

11.00 am

Korean exchange activates trading curbs

Currency dealers talk in front of an electronic board showing the Korea Composite Stock Price Index (KOSPI) at a dealing room of a bank in Seoul, South Korea, March 13, 2020.   -  REUTERS

 

The Korea Exchange activated trading curbs on the stock market for a second straight day on Friday, with circuit breakers triggered on the main index for the first time in nearly two decades as shares plunged on panic over the coronavirus.

The bourse operator said in a statement that first-level circuit breakers on the benchmark KOSPI and the junior KOSDAQ were activated and almost all trading on both indexes had been halted for 20 minutes. The KOSPI index fell as much as 8.2 per cent earlier, and broke below the 1,700-level for the first time since 2011. Read more on the Korean stock market report here

10.55 am

Daily rupee call

 

The rupee (INR) has opened weaker today, at 74.39 versus yesterday’s close of 74.21 against the dollar (USD). The Indian currency slipped once the session opened and is currently trading at 74.45, after registering its fresh lifetime low of 74.5 against the greenback.

A decisive break below 74.5 can drag the local currency lower to 75 whereas a recovery can face hurdles at 74.25 and 74. The trend is negative and as long as the rupee remains below 74, it will be bearish. Read our Daily rupee call here

10.40 am

Crude oil prices

 

Oil fell a third day as the horror show for crude investors continued on Friday amid panic about evaporating demand from the coronavirus pandemic, with Brent set for its biggest weekly loss since 1991 and US crude heading for its worst week since 2008.

Brent crude was down 47 cents, or 1.4 per cent, at $32.75 a barrel by 0317 GMT after falling more than 7 per cent on Thursday. For the week, Brent is set to fall nearly 28 per cent, the biggest weekly decline since the week of January 18, 1991, when it fell 29 per cent at the outbreak of the first Gulf War. Click here to read more on the crude oil prices and commodities market report

10.25 am

Trading resumes

Domestic stock trading resumed after a 45-minute halt, with equity benchmark Sensex plummeting further to 3,389 points and the broader Nifty sinking below 8,600 level. Stock exchanges paused trading for 45 minutes after both indices plunged over 10 per cent, hitting their lower circuit limits, within the first 15 minutes of opening of the session.

Continuing its downward spiral, domestic BSE Sensex was trading 3,380.59 points, down 10.31 per cent at 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points. Similarly, the NSE Nifty cracked 1,036.20 points, or 10.80 per cent, to 8,553.95 after resumption of trade.

Tech Mahindra was the top loser on Sensex, cracking up to 15 per cent, followed by Axis Bank, IndusInd Bank, HCL Tech, Kotak Bank and TCS. - PTI

10.20 am

Indices plummet 10 per cent

Equity benchmark Sensex plummeted over 3,200 points and the broader Nifty sank near 8,600 level, hitting their lower circuit limits, in opening session as coronavirus pandemic-led recession fears fuelled worldwide panic. Trading is expected to resume by 10.20 am

Manic selling across the globe rendered stocks at multi-year lows.

Continuing its downward spiral, domestic BSE Sensex sank 3,213 points in early trade, plunging 10.86 per cent to 29,564.58, which triggered the lower circuit limit. Similarly, the NSE Nifty cracked 966.10 points, or 10.07 per cent, to 8,624.05.

In the previous session, the 30-share BSE barometer settled 2,919.26 points or 8.18 per cent lower at 32,778.14, and the broader Nifty slumped 868.25 points or 8.30 per cent to close at 9,590.15.

On a net basis, foreign institutional investors sold equities worth Rs 3,475.29 crore on Thursday, data available with stock exchanges showed.

All Sensex components were in the red. HCL Tech was the top loser, tanking up to 15 per cent, followed by Tech Mahindra, Kotak Bank, TCS, IndusInd Bank, Axis Bank and NTPC. According to traders, volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a freakish selloff.

Wall Street lost 10 per cent in its worst session since 1987, while London also had its worst day since that year. Frankfurt had its blackest day since 1989, the year the Berlin Wall fell, while Paris suffered its worst one-day loss on record.

Besides selloff in global equities, choppiness in international oil prices and depreciating rupee added to investor concerns, they added. The rupee depreciated 13 paise to 74.41 per US dollar (intra-day).

Brent crude oil futures dropped 0.90 per cent to USD 32.92 per barrel. Further, incessant foreign fund outflow also spooked market participants, traders said.

Elsewhere in Asia, bourses in Shanghai dropped over 3.32 per cent, Hong Kong 5.61 per cent, Seoul 7.58 per cent and Tokyo cracked up to 7.97 per cent.

More than 130,000 cases of the novel coronavirus have been recorded in 116 countries and territories, killing at least 4,900 people. The number of coronavirus patients in India has risen to 74, as per health ministry log. PTI

10.10 am

Global markets

 

Global stock markets crashed, ending a years-long bull run, with coronavirus panic selling hitting almost every asset class and leaving investors nowhere to hide. Half a trillion dollars in liquidity from the US Federal Reserve and the promise of more were not enough to calm the fear that has wiped some $14 trillion from world stocks in a month.

On Friday, Japanese stocks were in freefall and markets from Seoul to Jakarta punched through downlimit circuit breakers. The Nikkei dropped as far as 10 per cent and is heading for its worst week since the 2008 financial crisis. Not one stock on the index is in positive territory. Read the full world stock markets report here

9.55 am

Rupee hits record low

The Indian rupee dropped to a record low, weighed down by worries over the coronavirus pandemic that has prompted investors to dump riskier assets and move towards safe havens.

Rupee hits record low amid coronavirus scare

Rebounding from its record low of 74.50, the rupee traded higher by 48 paise at 73.80 against the US currency on Friday after the Reserve Bank’s ...

Read More  

9.40 am

Trading halts

Stock exchanges halt trading for 45 minutes as Sensex, Nifty hit lower circuit limits.

Trading in Nifty 50 stock index was halted early after it fell 10 per cent and hit a “circuit-breaker”, as investors continued to panic over the impact of the fast-spreading coronavirus outbreak on global growth.

The blue-chip NSE Nifty 50 index was last down 10.07 per cent at 8,624.05, a more than three-year low. Trading was scheduled to resume after 45 minutes. - Agencies

9.25 am

Stocks in focus

The delisting offer of Vyapar Industries, which opened on Wednesday, will remain open till March 18. Abbas Rassai, Akil Abbas Rassai and Abbas Abdulkarim Rassai have proposed the delisting offer to acquire 15.33 lakh shares, representing 25 per cent of the total paid-up equity capital of Vyapar Industries from public shareholders at a floor price of ₹43. On day one of the issue, the delisting offer was subscribed 0.34 per cent. The company’s stock is currently ruling at ₹40.55.

CESC Ventures on Thursday said it had acquired 8.49 per cent stake in Mumbai-based Peel-Works Private Ltd for ₹20.99 crore. The deal was made to support the group’s FMCG business that sells Too Yum brand snacks, the RP Sanjiv Goenka group company said. Peel-Works is a technology-driven distribution company, which supplies food, grocery and consumer products to retailers and wholesalers where orders are collected through a software application.

SeQuent Scientific, which has businesses across animal health (alivira) and analytical services, on Thursday said it had received WHO-Geneva approval for API Praziquantel under its pre-qualification program. Alivira’s Vizag site is India’s only USFDA-authorised and EU GMP-compliant facility focused on production of APIs for the animal health sector. The Vizag site is a multipurpose manufacturing facility equipped with reactor capacity of 225 KL and six clean rooms.

9.15 am

Opening bell

The 30-share BSE index Sensex opened 1,564.01 points lower at 31,214.13 against the previous close of 32,778.14 as the global selloff continues amid the coronavirus fear. Meanwhile the 50-share NSE index Nifty too fell below the 9,000 mark and opened at 9,107.60.

9.10 am

Day Trading Guide

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹1021 • HDFC Bank

S1

S2

R1

R2

COMMENT

1005

990

1036

1050

Fresh long positions are recommended with a fixed stop-loss only if the stock rallies above ₹1,036 levels

 

₹631 • Infosys

S1

S2

R1

R2

COMMENT

620

610

640

650

The stock tests a key support at around ₹630. Go long with stiff stop-loss on a strong rally above ₹640 levels

 

₹156 • ITC

S1

S2

R1

R2

COMMENT

152

148

162

166

Consider initiating fresh long positions with a fixed stop-loss only if the stock of ITC climbs above ₹162 levels

 

₹62 • ONGC

S1

S2

R1

R2

COMMENT

59

56

66

69

Initiate fresh long positions with a tight stop-loss if the stock of ONGC rebounds up from ₹59 levels

 

₹1061 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1045

1030

1080

1100

A corrective rally is possible on a strong up-move above ₹1,080. Go long above this level with a fixed stop-loss

 

₹212 • SBI

S1

S2

R1

R2

COMMENT

207

200

220

228

Initiate fresh long positions with a tight stop-loss only if the stock of SBI moves beyond ₹220 levels

 

₹1769 • TCS

S1

S2

R1

R2

COMMENT

1750

1725

1800

1830

Fresh short positions can be initiated with a fixed stop-loss if the stock fails to rally above ₹1,800 levels

 

9546 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

9585

9420

9600

9670

Initiate fresh long positions with tight stop-loss only if the contract advances above 9,600 levels

 

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

9.00 am

Today's Pick

 

We recommend a buy in the stock of Tata Power at the current levels of Rs 40.5.

On the weekly chart, the stock has formed a hammer pattern which is also a bullish reversal pattern backing the trend reversal. The daily RSI is recovering from the oversold territory. Besides, the stock tests the lower boundary of the Bollinger Bands that implies oversold and is likely to bounce from the lower end. Read our stock recommendation and the stock activity of Tata Power Company here

Published on March 13, 2020