China has announced the confirmation of signing of “Phase one” deal with United States. The Indian benchmark is opened slightly higher at 11360.85 up by 21 points. The mid- session of the market resulted in a strong up side move and index started witnessing its bullish momentum. The overall sentiments of the market is looking bullish for the upcoming trading session. Eichermotor, heromotoco and Zeel are the top gainers while Jswsteel, Tatamotors and Bhartiartl are top losers. Out of 2127 stocks, 810 are advanced, 914 are declines and 403 are unchanged. On indices upfront except IT and Metal, all the sectors are trading in green led by pharma, realty, financials, banking and auto. The formation of “Falling Wedge” which indicates a good reversal when it consolidates and breaks the upper trendline to give a bullish movement. On daily scale, the potential support level is 7295. The index is trading above 50DMA. RSI is trading at 59.71 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.
- EICHERMOTOR: It is trading at 13826.95 level, 3.61% up. The stock is trading above 50 and 200 days Simple Moving Average. The company introduce two new engines under BS-VI with 5-deisel and 2 CNG engines which will start from 1st April 2020.
- HEROMOTOCO: In today’s trading the stocks is trading at 2690.70 . In intraday chart it is trading above 50DMA and 100DMA
- BOSCHLTD: In today’s session stock is trading at 13812.10 levels, 3.50% up. It is trading above 50 days and 100 days moving average in hourly chart. Ahead of festive season, the demand of sales in consumer durable goods is likely to increase.