It’s time to add April 16, 2019 in history as the Indian benchmark has made a life-time high of 11,803.35 levels. The Indian benchmark has managed to cross the irresistible mark of 11,800 levels. The index had a gap up opening today but delivered bumper level above the life-time highs. All indices are cheering while the banking stocks have gained the most and the similar index is trading at 30,538.2, 1.44% above from its previous close. On daily scale, Nifty Bank is forming ‘AB=CD’ pattern, which is a harmonic pattern shaped by the efforts of Legendary trader Scott. M Carney. The index is expected to continue the bullish momentum and find resistance near ‘D’ portion of the pattern that is placed at 31,146 levels. RSI is trading at 68 levels while Awesome oscillator is hinting for more upside. Although Awesome Oscillator 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
- Indusind Bank: Top gainer in banking index is trading at 1,815.9, 3.84% above from its previous close. The bank is planning to raise Rs. 2,700 crores via bonds. The stock is trading above 200 days Exponential Moving Average.
- ICICI Bank: Industrial Credit and Investment Corporation of India has gained 3.40% in today’s session. There has been a block deal of 1,065,362 and 511,118 shares on April 10, 2019 and April 09, 2019 respectively.
- Axis Bank: India’s one of biggest private bank is trading at 771.75, 1.17% below from its previous close. There has been a block deal of 355,694 shares on April 15, 2019.