@rex_cano
Mumbai: The markets resumed its winning ways on the back of solid gains in Reliance Industries and selected auto and financial shares. The BSE benchmark index, the Sensex, opened with a negative gap of 50-odd points at 37,815, and touched a low of 37,739 before rebounding in the positive zone. The BSE index, thereafter, traded on a firm note and touched a high of 38,225. The Sensex finally ended with a gain of 269 points at 39,140.
Among the Sensex 30 stocks, SBI, ICICI Bank and Reliance Industries rallied around 3 per cent each. Tech Mahindra, Kotak Bank, ITC, Mahindra & Mahindra, Bajaj Auto and Asian Paints were up around 2 per cent each. On the other hand, Axis Bank tumbled nearly 4 per cent. Hindustan Unilever, Infosys and TCS were the other prominent losers.
The BSE Sensex registered a fresh high on the weekly charts. As per the weekly Fibonacci charts, the near support for the Sensex has now moved higher to 37,800. For further gains, the BSE index needs to sustain above 38,200.
As per the daily Fibonacci charts, on Friday, in case of an up move the BSE Sensex is likely to face resistance around 38,325-38,385-38,440, and in case of a down move, the BSE index may seek support around 37,955-37,900-37,840.
The NSE Nifty is holding on to the higher-end of the Bollinger Band on the daily charts. As per the charts, the bias is likely to remain bullish as long as the NSE index sustains above 11,255-level. Failure to trade consistently above 11,255-level can trigger some profit-taking. On the downside, the Nifty may test the 200-DMA (Daily Moving Average) at 10,870-odd levels in coming trading sessions.
Among the key momentum oscillators on the daily charts, the DI (Directional Index) continues to remain positive, with the ADX (Average Directional Index) indicating strengthening of the existing trend. The Slow Stochastic and the MACD (Moving Average Convergence Divergence) are inconclusive, while the 14-day RSI (Relative Strength Index) is in overbought zone.
Disclaimer: The views expressed in this article are personal and for information purpose only, it does not advocate any buy or sell /recommendation.
