The Indian benchmark had a marginal negative opening in today's session, witnessed some lackluster performance but started rising after breaking above the psychological resistance of 11,700 levels and made an intraday high of 11,782 levels after forming a ‘Hidden Bullish Divergence’ on hourly scale that possess high reliability. While all indices are performing lackluster as the market is gung ho for the upcoming budget by India’s first female finance minister in first week of July but metal stocks gained the most, currently trading at 2,925.55, 1.14% above from its previous close. The index is trading in a ‘Symmetrical Triangle’ pattern on daily scale that signals for indecisiveness in the sentiments of market participants. Bollinger Bands are showing a squeeze in the current volatility that will be followed by higher volatility. Bollinger Bandwidth is hinting for lower standard deviation in current trend. Although Bollinger Bands and Bollinger Bandwidth are not the only indicators to dictate the future prices, one can make use of other tools like Fibonacci, Andrew Pitchfork, Chart and Candlesticks Patterns.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trend.
- Steel Authority of India: Top gainer in metal stocks is trading at 50.55, 2.75% above from its previous close. The stock is trading above 30 days Exponential Moving Average. There has been a block deal of 1,429,479 shares on June 13, 2019. The company has reported 42% fall in Q4-2019 profits.
- Hindalco Industries: Major aluminum producer is trading at 203.257%above from its previous close. The stock is trading above 30 days Exponential Moving Average.
- JSW Steel: The stock is trading at 264, 2.40% above from its previous close. The company has reported 49% plunge in results this quarter. The company is considering a bid for British Steel.