A bearish engulfing candlestick has been formed in the Nifty chart and we need to see Nifty moving above 4900 level to see some positive action in the market. One need not get worried as intraday traders make money both ways by short selling and going long in the market and for this to happen they make use of the breakout stock and earn profit like professional traders in market. Nifty moving above 4890 is an indication for bullishness in market else bears will have an upper hand.
However; analysis of derivatives segment shows that Put Call Ratio (PCR) is hovering near 0.90-092 levels and thus we can hope for a relief rally in the offing and that too keeping the fingers crossed. The last closing in the market saw overall breadth being negative as 1,565 stocks declined while 1,082 stocks advanced.
Support and Resistances for the Day
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|NSE Nifty 50 Stocks||Made Money (Rs)|
Strong future shares at National stock exchange
Divis Lab, BPCL, Bata India, Colpal, Hexaware Techo, Hind Petro, ABG Shipyard, Asian Paints, IOC & TCS.
Weak future stocks at NSE
IVRCL, NCC, Orchid, Polaris, Sintex Ind, IRB, GMR Infra, Sreinfra, Praj Indus and GVKPIL
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