@rex_cano
Mumbai: After a firm start to the day, the markets turned volatile in the second half owing to selective profit taking. The BSE benchmark index, the Sensex, opened with a positive gap of over 300 points at 37,892 and touched a high of 38,140. The BSE index, thereafter, turned volatile and slipped into red to a low of 37,551 – down 589 points from the day’s high. The Sensex recouped losses at close and ended marginally in red at 37,663 (down 25 points).
Among the Sensex 30 stocks, Tata Steel surged over 6 per cent. Titan, Maruti Suzuki, Mahindra & Mahindra, Bharti Airtel, Axis Bank, Bajaj Auto, Bajaj Finserv, ONGC and UltraTech Cement gained 1-3 per cent each. On the other hand, PowerGrid Corporation, ICICI Bank and Reliance Industries declined over a per cent each.
The BSE Sensex, so far, this week has swung in a wide range of 36,900-38,140, but yet to give any directional indication on the weekly Fibonacci chart. As per the weekly charts, the bias for the remainder of the week can be tentatively positive as long as the BSE index holds above 37,345-level.
As per the daily Fibonacci charts, on Thursday, in case of an up move the BSE Sensex may face resistance around 37,900-37,960-38,030, and in case of a down move, the BSE index is likely to seek support around 37,440-37,370-37,300.
The NSE Nifty seems to be consolidating following the recent market correction. The near term bias is likely to remain positive as long as the NSE index sustains above the 20-DMA (Daily Moving Average) which is at 10,995.
Among the key momentum oscillators on the daily charts, the MACD (Moving Average Convergence Divergence) remains marginally negative, while the Slow Stochastic too remains inconclusive. The DI (Directional Index) is positive and the 14-day RSI (Relative Strength Index) is in 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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