The 50-bundle stocks are opened on a gap up note and further positive biasness is seen in the market. Nifty may consolidate in the range of 11850 to 12000 levels with bullish sentiments and may reaches to the levels of 12100 in upcoming trading sessions. It is sustaining above 50 days and 200 days simple moving averages. Infratel, Jswsteel and Tatasteel are top gainers while Zeel, Ioc and Maruti are the top losers. Out of 2157 stocks, 1069 are advanced, 711 are declines and 377 are unchanged. Among sectorial indices, Auto, Fmcg, Media and Reality are trading in green while IT, bank, financial, pharma and metals with 3.14% up are trading in green. On daily chart, the index opened on a gap up note at 2583.85. The formation of “Double bottom” which indicates change in trend and momentum reversal in the stock. It may reaches to the higher levels of 3050. The index is trading above 50 days moving average and below 200 days moving average. RSI is trading at 69.02 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.
JINDALSTEEL: The counter is top gainer in the metal sector in today’s trading session. It is trading at 131.75 up by 6.81%. It is sustaining above 50 days and 100 days moving average.
JSWSTEEL: It is among the top three top gainer in the sector trading at 250.55 up by 5.45% up. In daily chart it is sustaining above 50 and 100 days moving average.
TATASTEEL: In today’s trading session it is trading at 412.55 up by 3.27% up. It is sustaining above 50 days and 100 days moving average.