Nifty Stock Market: Opened Higher following the Overnight Global Sentiments but FailedPremkumar Ramachandran (Author) Published Date : May 08, 2020 14:20 IST
13:30 Mid-Day Market Analysis & Update:- Nifty Open- 9376.95, High- 9382.65, Low- 9298.05 & Last- 9326.: Nifty Opened Higher following the overnight global sentiments but failed to sustain the healthy lead that was given. MID-Cap & Small-Cap Stocks are not able to participate in this rally which makes us feel it's driven by select few stocks.
BankNifty is trading in a narrow range of 200 points while Nifty is within 40 points. Media, Pharma & FMCG Stocks pushing the Index higher PSUBank & Auto is trying to pull down. Nifty over the past 2 hours is unable to cross 9360 and has a day high near our resistance zone of 9384 till now.
All Sectoral Indices Except Metal, Auto & PSUBanks are in green, Most Active stocks on Nifty100 are HDFCLife, Zee, Reliance are in top gainers while NTPC, M&M & ITC are in top losers. Long Built/up is seen on Escorts, UBL, PVR while Short Build is seen in HUL, Britannia & TataChem.
We are able to witness Long Built-up in SBILIFE, Zeel, BankNifty, SunTV & HUL while Short Builtup has seen in TorntPower, Escort, RBLBank, SBI & NTPC. We are able to see OI Spurt in Nifty 9500PE & 9500CE, BankNifty 19000PE & 20500CE. This suggests Nifty may have to get some resistance around 9360, 9401, 9460. Supports are visible at 9276, 9342 & 9201. More updates will be at 15:00. Stay cautious over any position and trade with proper TSL.