Some factors which will contribute to stock market trends on Friday,13th March

Wall Street enters bear market: The S&P 500 and the Nasdaq cratered into a bear market on Thursday, as a shock move by Donald Trump to suspend travel from Europe rattled investors already shaken by fears of a global recession on the back of a coronavirus pandemic. European shares set for worst-ever day: European shares were on track for a record loss on 12th March, hitting a near seven-year low after the ECB held off on a rate cut.F&O: Next Nifty supports at 9,119 and 8,970: On the options front, maximum Call open interest stood at 12,000 and then 10,000 levels while maximum Put OI was at 9,500 and then 9,000 levels. Options data indicated a shift in wider trading range between 9,000 and 10,000 levels. Stocks showing bullish bias: Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade setup on the counters of Banco Products, Bhansali Engineering, MBL Infrastructures, Shemaroo Entertainment, Weizmann, Xelpmoc Design and Beardsell. When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement and vice versa. Stocks signalling bearish bias: The MACD showed bearish signs on the counters of HPCL, Sun Pharma, Cipla, India Cements, Jammu & Kashmir Bank, Indian Overseas Bank, NOCIL, Welspun Enterprises, Britannia Industries, Thomas Cook, Navin Fluorine, Jyothy Labs, Gujarat Pipavav Port, Dixon Technologies, Cera Sanitaryware, Khadim India, Pitti Engineering, Pfizer, Eris Lifesciences, Finolex Industries, Sanofi India, ARSS Infrastructure, Deccan Cements and Nagreeka Capital. Bearish crossover on the MACD on these counters indicated that they have just begun their downward journey. Stocks seeing buying interest: Bafna Pharmaceuticals, Geekay Wires and Ruchi Soya Industries witnessed strong buying interest from market participants as they scaled their fresh 52-week highs on Thursday signalling bullish sentiment.Stocks witnessing selling pressure: Adani Power, Motherson Sumi, Glenmark Pharma, Future Retail and Adani Transmission witnessed strong selling pressure in Thursday’s session and hit their 52-week lows, signalling bearish sentiment on these counters.

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