Positive cues from global markets after U.S. Bureau of Labor Statistics reported a fall in Initial Jobless claims in which residents of U.S. report for unemployment for the first time didn’t up thrust the index for a positive opening and optimism in first session but the second session delivered positive returns after the index negate the ‘Bearish Engulfing’ formation on daily scale. The index opened on a flat note at 10,982.65 levels and continued to trade lackluster in a narrow range of 10,945.65-11,025 levels but shifted to positive trajectory to a high of 11,043.15 levels. Pidilite industries gained 4% after acquiring 100% stake in Isagro Asia. Out of 2120 stocks, 1076 are advanced, 685 are trading in red and 359 are unchanged. Almost all indices are trading in green while realty stocks gained the most, currently trading at 270.45 levels, 2.35% above from its previous close. On daily scale, the index has given a breakout of classic ‘Inverted Head and Shoulder’ pattern that signals for a bullish reversal after a strong downfall with neckline at 269 levels. The index is likely to continue it bullish momentum to an upside of 290 levels. RSI has shifted its range from 20-40 levels to 40-60 levels. DMI’s have been converged for upside. Although Directional Movements 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.
- DLF: Stock with highest free-float market capitalization in realty stocks is trading at 166.4, 2.20% above from its previous close. Thailand based MQDC has taken 22,000 square feet property on lease from DLF to enter in India.
- Oberoi Realty: Top gainer in today’s session is trading at 563.70 levels, 3.68% above from its previous close. The stock is trading above 30 days Exponential Moving Average. There has been a block deal of 105,824 shares on Sep 06, 2019.
- Prestige: The stock is trading at 308.50 levels, 1.35% above from its previous close. The stocks is trading above 30 days Moving Average.