It says that ‘After going through all doldrums and whipsaws, things got back on the track and start behaving the same way it was behaving earlier’. After witnessing a consolidation in previous week, Indian benchmark has continued its upward rally and gained 0.39% in today’s session. All indices are trading in green but Metals are shining the most trading at 3,149 levels, while writing the article, 2.42% above from its previous close. The index has been bounced back after forming a ‘Doji Star’ candle stick pattern, which usually signals for an indecisiveness in the sentiments of market participants. The index is trading above 20 days exponential moving Average. The index is expected to continue its upward movement and find potential resistances near 3,477.72 and 3,695.42 levels respectively. RSI is trading at 69 levels and hinting for more upside while Average True Range is signaling for lower volatility. Although Average True Range 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 Candlesticks Patterns.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trend.
- Coal India: India’s major maharatna coal producer has gained 4.4% in today’s session. There has been a block deal of 709,795 shares on April 10, 2019. The stock is trading above 30 days Exponential Moving Average.
- Tata Steel: India’s largest steel producer is trading at 554, 3.5% above from its previous close. Tata Sponge Iron has acquired the business of Usha Martin on April 10, 2019. The stock is trading above 50 days Exponential Moving Average.
- Steel Authority of India: The stock is trading at 59.3, 4.04% above from its previous close. The stock is trading above 150 days Simple Moving Average.