Indian markets lost their momentum of morning gains on April 8, following the weak performances of European and Asian markets.
The Sensex ended 173.25 points below to 29893.96 whereas Nifty dipped 43.45 points and closed at 8748.75.
Indian markets may still remain volatile amid increasing uncertainties over coronavirus havoc.
#1. RSI Indicator
RSI indicator is giving a positive sign with the NIFTY RSI indicator value as on 08/04/2020 is 43.01. That shows that the scrip is in neither Over Bought nor Over Sold segment.
You may look at some important trading tips below to spot some profit.
#2. The key support and resistance level for Nifty
According to the pivot charts, 8,550 to 8,360 will be the key support level for Nifty. If the index starts moving up, key resistance levels are placed at 9,000 and 9,300.
#3. Important Stocks in news
HDFC Bank: The bank has reduced its MCLR to 0.20% across all tenors. The updated one-year MCLR is now 7.95%.
IDBI Bank: In the board meeting, bank has approved to sell stakes in IDBI Federal Life Insurance Company up to 23-27%.
Manali Petrochemicals: This PetroChem company has recommenced production of Propylene Oxide, feedstock for Propylene Glycol which is used as an additive in medications, and cosmetic products, on April 7 at Plant 1.
Hindalco Industries: The company has received approval from the European Commission to sell off the Duffel facility of Aleris to Liberty House Group for 310 million pounds.
GRM Overseas: GRM overseas has restarted its plant operation on April 8.
#4. Important Board meetings
Larsen & Toubro: Board meeting on April 9 for regular operations.
Polyplex Corp: Board meeting on April 9 to consider buyback of shares.
Gulf Oil Lubricants India: Board meeting on April 9 to discuss an interim dividend.
OnMobile Global: Board meeting on April 9 to consider buyback of shares.
Jump Networks: Board meeting on April 9 for regular operations.
#5. Stocks with a high delivery percentage
High delivery percentage depicts that investors are showing interest in these stocks.