Due to muted inflation, weak labor market and concerns about the global economy, the Federal Reserve slashed the target range for the federal borrowing rates to 1.5-1.75 percent during its October meeting, the third rate cut so far this year which boosted the Indian equity market as well. The Indian benchmark indices are opened on a gap up note and further a bullish trend is seen in the market. Nifty is likely to proceed till 12000 levels which act as a strong resistance level. It is sustaining above 50 days and 200 days simple moving averages. Sbin, Yesbank and Zeel are top gainers while Techm, Axisbank, M&M are the top losers. Out of 2141 stocks, 1146 are advanced, 609 are declines and 386 are unchanged. All the sectors are trading in green led by bank, fmcg, auto, financial, pharma, metals and reality are hike by 1.62%. On daily chart, the index opened on a gap up note at 270.80 and after that it breaks the strong levels of 271.20 and made a high of 272.40. Some profit booking is seen in the counter and it falls to 268.45. The index is trading above 50 days and 200 days Simple Moving Average. RSI is trading at 62.02 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.
IBREALEST: The counter is top gainer in the realty sector in today’s trading session. It is trading at 52.90 up by 4.91%. It is sustaining above 50 days and 100 days moving average.
OBEROIRLTY: In today’s trading session it is trading at 509 up by 3.44% up. It is sustaining above 50 days and 100 days moving average.
DLF: It is among the top three top gainer in the sector trading at 185.50 up by 2.18% up. In daily chart it is sustaining above 50 and 100 days moving average.