Lack of further progress in US-China bilateral trade and weekly expiry was expected to keep the index on side lines but optimism led by Home Minister Amit Shah stating the economy strong, call the bulls to retain the driving seat. The 50-stock bundle opened on a flat note 11466.30. As buyers are more active at the levels of 11480 and shows the positive momentum and made a high of 11561.65 . The major support levels are 11300 and 11090. On daily scale, the index is placed above the 50DMA and 200DMA. Yesbank, Eichermotor and Indusindbk are the top gainers while Vedl, Grasim and Ongc are the top losers of the day. Out of 2122 stocks , 955 are advances , 764 are declines and 403 are unchanged. Among sectors IT, metal and pharma are trading in red while realty, financial, auto and banking are trading in green with banking up by 1.54%. On Technical chart, the formation of “Ascending Triangle” which is a continuation pattern indicates the uptrend of the stock. On daily scale, Nifty bank is trading above 50DMA and 200DMA which acts as a very strong support for the stock. The potential resistance and support levels are 28858 and 27570. RSI is trading at the level of 64.22 which shows no 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 and Harmonic Patterns.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trend.
- Yes bank: In today’s trading session it is the top gainer up by 15.35% at 47.35. The stock is trading above 50 days and 200 days simple moving averages.
- IndusindBk: It is opened at 1276 up by 4.68% and currently trading at 1334.10. The stock is sustaining above 50 days simple moving average on daily chart.
- Rblbank: In today’s trading session, opened at 255 surged by 9.07% and it is trading at 281.90. It is sustaining above 50 days and 100 days exponential moving average.