It says that, a shift in the trend of the index always come after standard deviation in the concerned underlying asset start decay. A healthy long liquidation are always beneficial for resumption of bullish momentum. The 50-stock bundle opened on gap down note at 11280.50 and fall down to the lower levels of 11208.55. The major support levels are 11200 and 11100. On daily scale, the index is placed above the 50DMA and 200DMA which act as a strong support for the stock. The formation of “Falling Wedge” indicates the bullish reversal in upcoming trading session. The overall sentiments of the market is indecisive due to floating global cues. Bharti airtel, Grasim and Reliance are the top gainers while Yesbank, Icicibank and Gail are the top losers of the day. Out of 2125 stocks , 653 are advances , 1035 are declines and 437 are unchanged. All the sectorial indices are traded in pressure with Nifty Bank down by 2.15%. On daily scale, Nifty bank is trading below 50DMA and 200DMA. The potential resistance and support levels are 28900 and 27500. RSI is trading at the level of 48.07 which shows no divergence . Moving Average and RSI are not the only indicators to dictate the future prices, one can make use of other tools like Fibonacci and Harmonic Patterns.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trend.
- Yes bank: In today’s trading session it is the top loser down by 6.47% at 40.45 as the Microsoft denied about the rumors of stake in Yesbank.
- Bank Baroda: It is opened at 89.90 down by 3.35% and currently trading at 88. It is near to its 52 weaks of 85.65 level. The stock is sutaining below 50DMA and 200DMA on daily chart.
- Rbl bank: In today’s trading session, opened at 307 down by 5.65% and it is trading at 292.10. It is sustaining below 50 days exponential moving average.