Sensex ended with a gain of 19 points at
28,372. The Sensex opened at 28,345 touched an intra-day high of 28,416 and low
of 28,259.The Nifty closed with a gain of 11 points at 8,727. The Nifty opened at
8,711 hitting a high of 8,740 and low of 8,689. After witnessing a gap
down opening on Monday, stock markets opened today on a relatively sedate note but
traded volatile during the day. The Nifty on Wednesday closed the
volatile session marginally in the green, but above the crucial support level
of 8,720. Yes Bank staged a recovery after a sharp correction in the previous
sessions after it deferred its QIP issue. The stock gained 4%. Indian
Stock Market was open negative. Technically, Indian Stock Market is still in
negative zone. Market would see further downfall and traders can hold short
positions as of now. Some buying would be seen at lower levels that may help
market to see some bounce but for now, overall market is negative and every
positive movement is an opportunity for traders to go short in the market and
every downfall would be an opportunity to book profits near support levels.
Traders should remember that this downfall is for very short term and would be
considered just as correction to this positive rally but can take index to
levels of 8600-8500 if seen below 8700 for Nifty.
CANDLESTICK PATTERN:
The index formed a 'Spinning Top'
kind of pattern for the second day in a row, which indicated indecisiveness
among the bulls as well as the bears. The pattern resembles a 'Spinning Top'
kind of candlestick pattern, because the distance between the opening level and
the intraday high is almost equal to the distance between the opening level and
the intraday low.
TOP GAINERS: Bank of Baroda, Yes Bank, Tata
Motors DVR, , Axis Bank
TOP LOSERS: Bosch, Coal India, ONGC, TCS, Sun
Pharmaceuticals, KotakBank
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