The Indian benchmark indices are opened on gap up note at 11464.95 and witnessed a positive momentum. During afternoon session, the index falls by making highs and fill the gap and made a low of 11420.10. It is trading in the range of 11400 to 11480. Nifty is sustaining above 50 days and 200 days simple moving averages. Bpcl, Zeel and Grasim are top gainers while Hindalco, Heromotoco and Vedl are the top losers. Out of 2125 stocks, 829 are advanced, 913 are declines and 383 are unchanged. On indices upfront, except IT, pharma and realty are trading in green while other are trading in pressure led by banking, financials and auto. In hourly chart, after the strong upside move the investors book their profit and a small correction is seen in the stock and made a low of 255.05. The strong resistance levels are 256 amd 258. The index is trading above 89 days (high-low) Simple Moving Average. RSI is trading at 62.95 levels which is not indicating any sign of divergence. Although Moving Averages 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 Harmonic Patterns.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trend.
- DLF: In today’s session is trading at 158.70 levels, 1.63% up. The stock is trading above 50 days and 100 days moving average.
- Mahindra life: In today’s trading session the stock is trading at 45.55 up by 4.95%. The company had launched its industrial clusters and origins , developed by a joint venture with its subsidiary Mahindra World City Developers Ltd and Japan's Sumitomo Corporation.
- Godrej Properties: Godrej-led Realty Company is trading at 1,000.95 levels, 1.39% up. The stock is trading above 50 days and 200 days Exponential Moving Average.