As the UK PM’s new Brexit bill passes in U.K. parliament but lawmakers rejected the time table. All the Asian markets are opened on negative note followed by 50-bundle stocks. The Indian benchmark indices are opened on a flat note and trading in roller-coaster ride with the influence of mixed global cues. But during afternoon session, the index slipped a bit and then consolidating in the range of 11570 to 11680 . Nifty is sustaining above 50 days and 200 days simple moving averages. Eichermotor, Hcltech and Infy are top gainers while Adaniport, Bhartiartl and Zeel are the top losers. Out of 2134 stocks, 904 are advanced, 848 are declines and 382 are unchanged. On indices upfront, Except metal and realty all the sectors led by bank, auto, financial, pharma are trading in green with IT index 1.41% up. In hourly chart, the index opened on a flat note at 14641.70 and made a high of 14910.65. The profit booking is taken place and it recovers almost 340 points from lower levels. The index is trading below 50 days and 200 days Simple Moving Average. RSI is trading at 39.10 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.
HCLTECH: Before the IT giant declare its Q2 results onWednesday, it helped index to surge by almost 3% to 1095 levels against yesterday’s closing of 1064.65 level.
Tata Elexsi: Following by Hcltech, Tata elexsi rose by more than 2.5% to 720 levels against yesterday’s closing price of 702.3.
Hexaware: With optimism about Q2 results the counter surged more than 1.45% to 376.50 levels in compare to yesterday’s closing level of 371.2.