There is nothing much more satisfying in this country than watching the 50-stock bundle gaining 100 points after consecutive nine bearish candles formed on daily scale. After going through all the doldrums of tariff war between Sino-U.S., thing are back on track and Indian benchmark is started rising after sensing support from 11,100 levels. Where all indices are trading in a positive territory, Nifty IT lost 1.33% in today’s session as the Indian rupee vs. greenback has reached to a situation of overbought. On daily scale, the index has continued to witness a steep fall after forming a ‘Breakaway Gap’ which signals for the strength of the pessimist investors. The index is trading below 30 days Exponential Moving Average and expected to find support at 15,275 levels. Awesome oscillator is on the verge of giving a bearish crossover while RSI is trading at 42.34 levels. Although Awesome oscillator and RSI are not the only indicators to dictate the future prices, one can make use of other tools like Fibonacci, Andrew Pitchfork, Chart and Harmonic Patterns.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trend.
- Tech Mahindra: Top loser in today’s session is trading at 795, 2.49% below from its previous close. The stock is trading below 50 days Exponential Moving Average. There has been a block deal of 299,310 shares on May 07, 2019.
- HCL Tech: The stock is trading at 1063.25, 1.81% below from its previous close. The company has posted net profits landed to Rs. 2550 crores, 14.35% increased YoY.
- Wipro: India’s third largest tech savvy firm is trading at 285.55, 1.36% below from its previous close. The company has posted net profits landed to Rs. 24,939 crores, 38.49% increased YoY.