Sentiment was fuelled by expectations that a deal will be announce today, after President Trump said he would meet Chinese Vice Premier Liu He for further trade talks. The Indian benchmark is opened on gap up note at 11257.70 up by 23.15 points but from higher levels of 11361.05 profit booking is taken place. The mid- session of the market resulted in a roller coaster move and index started witnessing its bullish momentum. The overall sentiments of the market is mixed . Cipla, Infosys and Tatamotors are top gainers while Yesbank, IOC and Gail are top losers. Out of 2127 stocks, 812 are advanced, 906 are declines and 409 are unchanged. On indices upfront, all the sectors are trading in green with metal is 1.76% positive . The formation of “Three Falling Crows” which is bearish candlestick pattern indicates the reversal of an uptrend . On daily scale, the potential support level is 2260. The index is trading below 50DMA and 200DMA. RSI is trading at lower points 53.10 levels which did not show any sign of 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.
- VEDL: It is trading at 144.20 level, 2.16% up. The stock is trading above 100 and 200 days Simple Moving Average.
- Hindalco: Among all the metal stocks it is top gainer is trading at 186.40. In intraday chart it is trading above 8DMA and 15DMA.
- Tatasteel: In today’s session stock is trading at 337 levels, 2.06% up. It is trading above 50 days and 100 days moving average in hourly chart.