6 Stocks That Are Seeing Long Build Up In Trade Today
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Stocks like ONGC, Gujgas, Metropolis, Concor, TVS Motors and Coal India etc., were seeing a long build up, while short build-up is visible in counters like Au Bank, Berger paints, Apollo Tyres, Alkem and Indhotel.
“Today, we are witnessing long built up in stocks like ONGC, Gujarat Gas, Metropolis Healthcare , Container Corporation, TVS Motors and Coal India etc. while short build-up is visible in counters like Au Bank, Berger Paints, Apollo Tyres, Alkem and Indian Hotels,” according to the Technical and Derivatives Research, MOFSL.
Nifty opened gap down but witnessed some bounce back towards 16400 mark. It is facing resistance at higher level which is placed at 16400 and finding support at lower zone of 16250 so we expect some volatility to continue and the index may trade in a choppy manner for the day. India VIX has cooled off and is near 19 which needs to cool down for some stability in the market. Now as long as it is below 16400-16442 zone we can expect lower levels of 16250 and 16161 zones whereas resistance is placed at 16442 and 16550 zones. Market breadth is mixed which indicates tug of war between the bulls and the bears.
Today, we have are witnessing positive momentum in Pharma, FMCG, IT and Auto while Metals, Banking and Financial services and Realty are showing weak momentum.
Bank Nifty opened with a gap down and drifted towards 34659 levels. However we have seen some recovery in the index and it has regained and is sustaining above its key support zone which is at 34750. Now as long as it holds above 34750 zones we can expect a move towards 35250 and 35500 zones whereas supports are placed at 34750 and 34500 zones.
Today, we are witnessing long built up in stocks like ONGC, Gujgas, Metropolis, Concor, TVS Motors and Coal India etc. while short build-up is visible in counters like Au Bank, Berger paints, Apollo Tyres, Alkem and Indhotel.
Nifty is expected to trade in a broader range of 16250-16442. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in stocks like HDFC Bank, Trent, Reliance and JK paper.
Courtesy: Technical and Derivatives Research, MOFSL