DSIJ Mindshare

Overall volumes in futures & options currently stand at 1.00 crore contracts with a turnover of Rs. 6,73,089.52 crore.

Overall volumes in futures & options currently stand at 1.00 crore contracts with a turnover of Rs. 6,73,089.52 crore.

The last eight sessions' descend of about 4.6 per cent has pulled the index towards its crucial support area of 11,180-11,227. In the coming session, holding above this support level would keep the pullback options open.  Else, there would be extension of correction, where the important long term moving average of 200 DMA (11,034) is likely to act as a strong support. On the upside, the pullbacks are likely to be resisted at 11,370, followed by 11,425 levels. Stocks in news: Shankara Building Products, Kridhan Infra, Trident, GAIL, HPL Electric & Power, UPL, Transpek Industry, Tata Steel.

Indian markets have to face a double whammy at the start of the week as India’s industrial output contracted 0.1 per cent in March, recording a 21-month low, due to slowdown in manufacturing sector and the world’s two biggest economies seemed at the end of the road over trade negotiations on Sunday as Washington demanded promises of concrete changes in Chinese law and Beijing said it would not swallow any ‘bitter fruit’ that harmed its interests. At the time of writing, the SGX Nifty was trading lower by 40 points at 11,244.

The stock has strong support in the zone of Rs. 113.85 - Rs. 114.90 as it has an unfilled upside gap which was formed on May 10, 2019. While on the upside, the 20-day EMA is likely to act as immediate resistance, which is currently placed at Rs. 127.55 level.