Sensex is trading above the psychological resistance of 40,000 levels, Nifty50 is trading above the psychological resistance of 12,000 and major housing loan player HDFC is trading at its life-time high levels. The air of optimism is sustaining in the Indian market even though global and other Asian markets are melting down on account of tariff war pushed by U.S. President Donald Trump. Of all the indices Nifty Auto has been the top gainer in today’s session, currently trading at 8,283.05, 1.32% above from its previous close, even though the auto companies didn’t come up with decent numbers. On daily scale, the index has been bounced back after forming a classic ‘Spring’ portion of Richard Wyckoff cycle. The counter is trading in an ‘Accumulation’ phase of Wyckoffian cycle. The index is trading near the kissing distance of 30 days Exponential Moving Average. Elder’s Force Index that collaborate the deviation in the closing prices and volumes has given a crossover above zero levels. Although Elder’s Force Index is 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.
- Hero Moto Corp: Top gainer in today’s session is trading at 2,824.5, 5.34% above from its previous close. The stock is trading above 150 days Exponential moving Average. There has been a block deal of 42,361 shares on May 24, 2019. The sales numbers of the company grew by 13.2% in May compared to 5.72 lakhs units in April.
- TVS Motor: Leading two-wheeler producer has gained 3.96% in today’s session. The company has reported a marginal fall of 0.89% to 307,106 units in May. The stock is trading above 50 days Exponential Moving Average.
- Bajaj Auto: The stock is trading at 3,038.5, 3.85% above from its previous close. The company has reported a rise of 3% in sales numbers of May to 4.19 lakhs units.