On 3rd June 2019, after mid of trading session the Indian benchmark index Nifty50 touched the lifetime high of 12,050 levels ahead of RBI policy meeting as street is expecting a rate cut from RBI Governor Honorable Shaktikanta Das and despite European markets, which opened with a softer tone on beginning of the week as German DAX futures -0.7%, French CAC 40 futures -0.6%, and UK FTSE futures -0.4%. Currently, the BSE Sensex rose 478.41 points to 40,182.21 and the Nifty50 surge above 142 points to 12,065.35 but the market breadth is still weak where 907 stocks were in decline and 824 stocks were in advance and 382 were unchanged on NSE. On NSE, Nifty IT, FMCG, Financial Services and Auto indices are witnessing strong buying, all are trading above 1% each.
Technically, on the daily scale, the index is expected to resume its bull run till 12,329.92 and 13,087.49 levels as per Fibonacci Extension of 1.618% and 2.618% respectively. RSI is trading at 65.36 levels and showing no signs of divergence and overbought. Elder’s Force Index that collaborates the deviation in the closing prices and volumes has given a crossover above zero levels.