Mumbai: The markets were in an upbeat mood today amid reports of a likely Covid-19 vaccine launch by Russia this week. In fact, our markets lagged in terms of gains compared to the neighbouring Asian markets like Nikkei and Hang Seng and also the major European markets like the FTSE 100, CAC and DAX. The US-based Dow futures too were up over a per cent as of 1700 hrs IST.
The BSE benchmark index, the Sensex, opened with a positive gap of nearly 200 points at 38,371. Financial shares along with ITC led the up move today wherein the BSE index touched a high of 38,556. The BSE Sensex, however, pared some of its gains towards the close and settled 225 points higher at 38,407.
Among the Sensex 30 stocks, Axis Bank soared 4 per cent. IndusInd Bank, ITC, HDFC Bank, Tata Steel, HDFC and ICICI Bank were up 1-2 per cent each. On the other hand, Titan slipped nearly 4 per cent. Bharti Airtel, HCL Technologies and Tech Mahindra were down around a per cent each.
Also Read: Market Outlook: BSE Sensex likely to test 39,000-mark this month
After giving a buy signal on the monthly Fibonacci chart yesterday, the BSE index today has given a fresh buy signal on the weekly Fibonacci chart. As per the weekly chart, the Sensex may aim to test the weekly R2 and R3 at 38,700 and 38,850, respectively this week. The bias for the remainder of the week is likely to remain bullish as long as the BSE index holds above 38,040-level.
As per the daily Fibonacci charts, on Wednesday, in case of an up move the BSE Sensex may face resistance around 38,550-38,600-38,640, and in case of a down move, the BSE index is likely to seek support around 38,260-38,220-38,180.
Despite the steady climb in the last two trading sessions, the NSE Nifty has ended near the day’s opening level on both the days. Thus, we can see the formation of ‘Doji’ candlesticks in the last two trading sessions. A ‘Doji’ pattern indicates lack of conviction or indecisiveness among traders at current levels. Barring, this particular development, the charts continue to remain in favour of the bulls.
The Nifty has climbed from 10,900-odd level to 10,320-odd level in the last six trading sessions. Signs of lack of conviction at current levels can trigger a round of profit-taking in the near future. In case of a down turn, the 20-DMA (Daily Moving Average) around 11,095-level may be tested. On the upside, the Nifty may test 11,500.
Among the key momentum oscillators on the daily charts, the Slow Stochastic and the DI (Directional Index) continue to weigh in favour of the bulls. The MACD (Moving Average Convergence Divergence) remains inconclusive, while the 14-day RSI (Relative Strength Index) is nearing an 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.
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