It was another red day in the US Market, with tech stocks facing huge selling pressure, which just did not stop the whole day. Today’s red day was coming after a nice greed day on Wednesday, Sep 9th, which would have seen creation of new long positions, and all of them would have got burnt today.
Stock LTP Chg % Volume
AAPL 113.49 -3.26% 182.27M
TSLA 371.34 +1.38% 84.93M
MSFT 205.37 -2.80% 35.46M
FB 268.09 -2.06% 24.81M
NVDA 492.47 -3.17% 17.47M
ZM 384.48 -1.33% 11.93M
AMZN 3175.11 -2.86% 5.33M
The correction at Apple (AAPL) is the at the core of the recent sharp correction across US Market indices. Apple stock had run up vertically before its split, and the parabolic upmove had to break down at some point, but its also causing big selling pressure across the US market.
HDFC Bank is the strongest bank in India, and its chart reflects the strength compared to all other banks, which are still trying to stabilize after the impact of coronavirus.
HDFC Bank current price 1130.
Target 1300. Stop loss 900. Buy on corrections.
Indian equity/stock market ended with steep losses on Friday as Coronavirus cases showed no signs of abating while negative global cues further impacted sentiments.
S&P BSE Sensex slipped 674.36 points at 27,590.95.
Nifty 50 index shed 170 points at 8,083.80.
On the BSE, 1140 shares rose and 1099 shares fell.
In Nifty 50 index, 19 stocks advanced while 31 stocks declined.
IHS Markit announced Purchasing Managers’ Index (PMI) numbers for India yesterday. The headline seasonally adjusted IHS Markit India Manufacturing PMI fell from 54.5 in February 2020 to 51.8 in March 2020. Weighing on the headline figure was slowdown in production growth during March.
Banking stocks faced serious selling pressure. Among the private sector banks, RBL Bank (down 15.65%), Axis Bank (down 9.35%), IndusInd Bank (down 8.69%), Bandhan Bank (down 7.26%), City Union Bank (down 4.13%), Kotak Mahindra Bank (down 3.56%), Federal Bank (down 3.03%) and HDFC Bank (down 1.87%) declined. Continue reading India Market Report – 03Apr2020