To boost the Indian markets, PM Narendra Modi and FM Nirmala Sitharaman are planning a series of tax rate cut for equities. All the Asian markets are opened on higher note due to positive global cues followed by 50-bundle stocks. The Indian benchmark indices are opened on a flat note and trading with strong gains. The benchmark indices is trading at 11792.95 up by 175.65 or 1.52%. It is sustaining above 50 days and 200 days simple moving averages. Tatamotors, Yesbank and Jswsteel are top gainers while Infratel, Bhartiartl and ultracemco are the top losers. Out of 2154 stocks, 1056 are advanced, 691 are declines and 407 are unchanged. All the sectors are trading in green led by reality, bank, fmcg, auto, financial, pharma and metals are rallied by 4.02%. In hourly chart, the index opened on a gap up note at 2436.75 and after that it breaks the strong resistance level of 2477.70 and made a high of 2525.45. The index is trading above 50 days and 200 days Simple Moving Average. RSI is trading at 75.65 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 trends.
JSWSTEEL: The counter is top gainer in the metal sector in today’s trading session. It is trading at 233.35 up by 6.38%. It is sustaining above 50 days and 100 days moving average.
TATASTEEL: In today’s trading session it is trading at 387.75 up by 6.23% up. It is sustaining above 50 days and 100 days moving average.
JINDALSTEEL: It is among the top three top gainer in the sector trading at 113.80 up by 6.16% up. In daily chart it is sustaining above 50 and 100 days moving average.