@rex_cano
Mumbai: The markets consolidated in a tight range amid stock specific action. The BSE benchmark index, the Sensex, opened 70-odd points lower at 38,285 and soon slipped to a low of 38,061. The BSE index, thereafter, recouped losses and gyrated between zones for a major part of the trading day. The Sensex finally ended with a marginal gain of 60 points at 38,417.
Among the Sensex 30 stocks, Hindustan Unilever gained nearly 2 per cent. TCS, ITC, Asian Paints, HDFC, HCL Technologies and Nestle were the other prominent gainers. On the other hand, Mahindra & Mahindra shed 3.5 per cent. Bajaj Finance, NTPC, UltraTech Cement, ONGC, Bharti Airtel, IndusInd Bank and Larsen & Toubro were the other major losers.
With today’s low at 38,061, the BSE index is somewhere closer to its near term support around 37,950-odd level, below which the next significant support is at 37,450. On the upside, the Sensex needs to sustain above 38,628 for fresh positive momentum to start.
As per the daily Fibonacci charts, on Tuesday, in case of an up move the BSE Sensex may face resistance around 38,590-38,650-38,700, and in case of a down move, the BSE index is likely to seek support around 38,240-38,190-38,130.
The NSE Nifty ended marginally higher at 11,355, after recovering from a low of 11,252. The NSE index has now ended below its 20-DMA (Daily Moving Average) for the second straight day. The short term bias for the Nifty is likely to remain negative as long as the NSE index remains below its 20-DMA at 11,410.
Among the key momentum oscillators on the daily charts, the Slow Stochastic and the MACD (Moving Average Convergence Divergence) is clearly in favour of the bears. The DI (Directional Index) too has now turned negative. The 14-day RSI (Relative Strength Index) remains in the neutral zone.
Disclaimer: The views expressed in this article are personal and for information purpose only, it does not advocate any buy or sell /recommendation.
