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Mumbai: The markets rallied to its highest close in recent times (last six months) on the back of renewed buying interest in industrials and financial shares. Global cues, especially the US futures, prompted markets to rally strongly towards the close. The US-based tech index, NASDAQ, has been trading at life-time highs for around a month now, and the S&P 500 index too is within striking distance of its record high.
Back home, the BSE benchmark index, the Sensex, opened 30-odd points higher at 38,085, and then firmed up as the day progressed. Aggressive buying activity towards close saw the BSE index surge to a high of 38,571. The Sensex finally settled with a smart gain of 478 points at 38,528 – its highest close in the last six months.
Among the Sensex 30 stocks, UltraTech Cement, Kotak Mahindra Bank, ICICI Bank, Tata Steel, HDFC Bank, Asian Paints, Titan, Axis Bank and Maruti Suzuki rallied 2-3 per cent each. ONGC, IndusInd Bank, Reliance Industries, Bajaj Finserv, HDFC, SBI, Bharti Airtel, Bajaj Finance and Infosys were the other prominent gainers. On the other hand, Tech Mahindra slipped over a per cent. HCL Technologies and PowerGrid Corporation also ended with marginal losses.
Also Read: Market Outlook: Nifty continues to hold above 20-DMA
The BSE Sensex today gave a fresh buy signal on the weekly Fibonacci chart, by crossing the weekly R3 placed at 38,430. The bias for the remainder of the week is likely to remain positive with considerable support expected around 38,200-38,075. On the upside, the BSE index seems to be on course to 39,000.
As per the daily Fibonacci charts, on Wednesday, in case of an up move the BSE Sensex may face resistance around 38,720-38,780-38,840, and in case of a down move, the BSE index is likely to seek support around 38,330-38,270-38,210.
The NSE Nifty gained 1.2 per cent to end at 11,385, which is fairly close to the higher-end of the Bollinger Band at 11,415. After having confirmed the support at the 20-DMA (Daily Moving Average), the NSE index now needs to break and close above the higher-end of the Bollinger Band for the up move to gain momentum.
In case, the Nifty is able to break and close above 11,415-odd levels, then the NSE index can potentially rally towards 11,800-level in the time to come. For now, the bias continues to remain positive with strong support around the 20-DMA for the Nifty.
Among the key momentum oscillators on the daily charts, the Slow Stochastic seems to be giving a fresh buy indication. The DI (Directional Index) also continues to remain in favour of the bulls. However, the MACD (Moving Average Convergence Divergence) remains inconclusive, while the 14-day RSI (Relative Strength Index) is in the neutral mode.
Disclaimer: The views expressed in this article are personal and for information purpose only, it does not advocate any buy or sell /recommendation.
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