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US indices flattered to deceive, giving up over 180 point rise to close in the red.

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Indian Indices: Asian indices opened weak after overnight Dow Jones reversed early gains to close in the red. The fall in bond yields coupled with delay in implementation of reforms promised by the Trump administration is seeing sell on rallies emerge in US indices.

Nifty continued its upward journey with overbought indices now continuing their winning streaks. The flow of money from both foreign and domestic investors is keeping the bulls in fine fettle as new highs see new money chase absolute returns. With RBI monetary policy due today consensus has built up no change in policy rates, which could see profit booking after the event.

The BSE Sensex is currently trading at 29859.37, down by 114.87 points or 0.38% after trading in a range of 29833.45 and 29948.44. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.23%, while Small cap index was down by 0.37%.

The CNX Nifty is currently trading at 9226.40, down by 38.75 points or 0.42% after trading in a range of 9220.00 and 9245.80. There were 14 stocks advancing against 37 stocks declining on the index.




Group ATopGainers




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Technical view: Nifty now finds support around 9200 with 9330 acting as resistance while Bank Nifty finds support around 21350 with 21750 acting as resistance.



SPARC (Buy above 352, for Target of 375.5, Stop Loss at 339):Stock has been trading in a tight range of Rs 340 and Rs 300 since first week of Dec 2016. Multiple attempts to close above Rs 340 went futile earlier. In yesterday's trade stock broke out of the range successfully giving a close above Rs 340, sustaining above all its medium term 100-200 DMA. The breakout has been accompanied with decent volume expansion on daily charts. We advise to Buy SPARC above Rs 352, Stop Loss at Rs 339 and Target of Rs 375.5.

Derivative Snippets

In the last trading session, markets continue to trade higher as the mid-cap stocks shimmered. Nifty and Bank Nifty OTM put option strikes continued to remain under the selling pressure, limiting the downside risk for the indices.

FIIs were net buyers in cash market segment to the tune of Rs 340 Cr.

FII’s index future long/short ratio at 3.6x vs 3.3x.


Nifty Movers: The top gainers on Nifty were Bajaj Auto up by 1.44%, Axis Bank up by 0.73%, Reliance Industries up by 0.67%, Indian Oil Corporation up by 0.64% and Bank of Baroda up by 0.52%. On the flip side, Hindalco down by 2.70%, Adani Ports & Special Economic Zone down by 1.73%, ITC down by 1.60%, Tata Steel down by 1.48% and Hindustan Unilever down by 1.47% were the top losers.


Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Realty up by 2.46%, Consumer Durables up by 1.87%, Metal up by 1.01%, Telecom up by 0.84% and Basic Materials was up by 0.83%, while IT down by 0.33%, TECK down by 0.17%, FMCG down by 0.15% and Bankex was down by 0.11% were the few losing indices on BSE.



On the global front: On the global front, Asian shares were trading mostly in red, with risk appetite soured by signs the Fed might start paring its king-sized balance sheet later this year just as the chances of an early US fiscal stimulus faded further. Investors were also wary ahead of a potentially tense meeting between US President Donald Trump and his Chinese counterpart Xi Jinping, the first between the world’s two most powerful leaders


Global Signals:The Asian markets were trading mostly in red; Nikkei 225 decreased 289.64 points or 1.54% to 18,571.63, Hang Seng decreased 141.92 points or 0.58% to 24,258.88, Taiwan Weighted decreased 59.19 points or 0.59% to 9,890.29, Jakarta Composite decreased 26.1 points or 0.46% to 5,650.88, KOSPI Index decreased 14.53 points or 0.67% to 2,146.32 and FTSE Bursa Malaysia KLCI decreased 4.74 points or 0.27% to 1,739.93.On the other hand, Shanghai Composite increased 6.5 points or 0.2% to 3,276.80.