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US indices closed on a mixed note with pressure on Nasdaq even as financials bounce back. This week could see higher than expected volatility as globally markets at cusp of correction.

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Indian Indices: Asian indices opened flat to marginally positive with the Japanese 'Nikkei' seeing opening gains as the Yen weakened against the greenback. The week started on a positive note with most Asian indices closing in the green on Monday. Oil weakness has seen money chase financials as lower bond yields will see expansion in margins going forward.

Nifty will see greater than expected volatility this week with derivative expiry on a holiday shortened week. PSU banks, Auto and Consumer Durables could be under pressure while Private Banks, Metals and FMCG could see buying for today.

The BSE Sensex is currently trading at 31095.57, down by 42.64 points or 0.14% after trading in a range of 31047.94 and 31294.96. There were 15 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.85%, while Small cap index down by 0.89%.

The CNX Nifty is currently trading at 9550.60, down by 24.35 points or 0.25% after trading in a range of 9535.05 and 9615.40. There were 19 stocks advancing against 32 stocks declining on the index.




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Technical view: Nifty finds key support around 9560 which if broken can see 9500 being tested, while 9700 will act as key resistance on the upside. Bank Nifty also has very strong support around 23400 while 23750 will now act as resistance on the upside.


Union Bank Jun FUTs (Sell Below 146 with Stop Loss at 149 for Target of 140): The stock has been under pressure for the past few weeks and has finally broken down from a consolidation breakdown on the daily charts. Union Bank has also slipped below its 200-DMA further accentuating our negative stance on the stock. Other momentum oscillators also suggest that the downfall is likely to extend.


The Government on Friday announced that another 30 cites will be developed as smart cities taking the total number of cities identified under Smart City Mission launched in June 2015 to 90.

The Reserve Bank of India (RBI) added three new members to the oversight committee and empowered the panel to approve stressed asset cases where lenders have more than Rs500 croreexposure.

The closure of the Darjeeling tea estates, now in its thirteenth day, may ring the death knell for an industry which is passing through a critical revival phase, industry officials said.

Nifty Movers: The top gainers on Nifty were AurobindoPharma up by 1.70%, ITC up by 1.25%, Adani Ports up by 1.03%, HDFC Bank up by 0.85% and BhartiAirtel up by 0.72%. On the flip side, Bank of Baroda down by 4.01%, BPCL down by 3.08%, Indiabulls Housing down by 3.06%, SBI down by 2.84% and ICICI Bank down by 1.80% were the top losers.

Top Sectoral& Stock Screening:The top gainers on the Sensex were ITC up by 1.29%, Adani Ports up by 0.90%, HDFC Bank up by 0.86%, BhartiAirtel up by 0.75% and Mahindra & Mahindra up by 0.65%. On the flip side, SBI down by 2.72%, NTPC down by 1.74%, ICICI Bank down by 1.72%, Axis Bank down by 1.69% and Infosys down by 1.35% were the top losers.



On the global front: On the global front, The United States and India have boosted coal mining in 2017, in an abrupt departure from last year’s record global decline for the heavily polluting fuel and a setback to efforts to rein in climate change emissions. The production through May is up by at least 121 million tons, or 6 per cent, for the three countries compared to the same period last year. Banking stocks also remained in focus after the Reserve Bank of India (RBI) has directed banks to keep higher provisions against all cases referred for bankruptcy proceedings.


Global Signals:Asian markets were trading mostly in green; KOSPI Index increased 5.87 points or 0.25% to 2,394.53, Hang Seng rose 22.66 points or 0.09% to 25,894.55 and Nikkei 225 was up by 63.43 points or 0.31% to 20,216.78. On the flip side, Taiwan Weighted decreased 3.01 points or 0.03% to 10,510.95 and Shanghai Composite was down by 2.78 points or 0.09% to 3,182.66.


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