The market fell for the fourth successive session even though there were positive global cues, although there was a smart recovery of 1 percent from the lowest day on May 11. BSE Sensex corrected more than 270 points to 54,088, while NIFTY50 greatly defended psychological signs of 16,000 psychological and closed with a loss of 73 points at 16,167.

The wider space is also under pressure with a small caps that is hit hard moving the Nifty Smallcap 100 index down by almost 3 percent, while the good Midcap 100 index drops four percent of the ten percent.

Technology, automatic, and FMCG stocks withdraw the market downward, while banking shares and financial services limit losses.

Stocks in action including Gujarat Gas, SRF, and Navin Fluorine International are against trends, and are among the top five visitors in the Futures and Options segment.

Gujarat gas

jumped 6 percent to RS 537.40, SRF rose 5.7 percent to 2,234 RS, and Navin Fluorine International rose 4.5 percent to 3,947 RS.

SRF

has corrected almost 24 percent of the top made on April 8, 2022 (eg RS 2,773). At this point the current pattern of AB = Bullish CD on a 4-hour graph with a potential reversal zone of RS 2,100-2.150.

At the front of the indicator, four hours RSI (relative strength index) has shown an impulsive structure under the oversold 30 zone which shows that the bear loses steam.

Fresh purchases can be started at the current level with the expected reversal up to 2,450 hospitals with solid support seen in 2,100 hospitals.

Gujarat gas is traded in the range of RS 480-540 since the last month. At present the counter has tried to break the reach and test RS 555.

At the front of the indicator, Daily RSI and MACD (divergent convergence on average) show momentum and above but people must wait and watch until now until it is closed above Hospital 542 every day.

If it is closed above RS 542, the expected reversal is RS 620-630 with good support at RS 500.

Until now, one must avoid this counter. In the weekly graph there are many overhead resistance in RS 4,160-4,350 along with the bearish divergence that is seen in the weekly MACD (chart referral).

If someone holds this count, you can order profits at the current level. New purchases are not recommended.

Settings

Investment views and tips expressed by investment experts at moneycontrol.com are their own and not from websites or management. Moneycontrol.com advises users to check with certified experts before making any investment decision.