The second largest economy has come up with a growth rate of 6% in last three months, which was hurted by the ongoing trade negotiations with U.S. The Indian benchmark is opened on slightly negative note but after some profit booking , index again run in the positive momentum and made a high of 11684.50. The overall sentiments of the market is looking bullish for the upcoming trading session. The index may reach to the levels of 11800. Yesbank, Adaniports and Coalindia are the top gainers while Tatamotors, Zeel and Bajajauto are top losers. Out of 2129 stocks, 1276 are advanced, 459 are declines and 394 are unchanged. On indices upfront, all the sectorial indices are trading in green led by pharma, realty, financials, banking, auto and metal. As the United Kingdom confirms the Brexit deal from European Union, the metal stocks are positive. On daily scale, the potential resistance level is 2480. The index is trading above 50 days and 100 days simple moving averages. RSI is trading at 71.96 levels which did not show any sign of divergence. Although, 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.
SAIL: It is trading at 35.70 level, 6.41% up. The stock is trading above 50 and 100 days Simple Moving Average.
NATIONALUM: In today’s trading the stocks is trading at 43.55 up by 7.80%. In intraday chart it is trading above 50DMA and 100DMA.
COALINDIA: In today’s session stock is trading at 205.25 levels, 2.93% up. It is trading above 50 day simple moving averages in hourly chart.