Mumbai: The markets logged smart gains on Wednesday on the back of aggressive buying in financial shares and positive overseas cues. The BSE benchmark index, the Sensex, traded with a positive bias throughout the day, while gaining upside momentum in the second half of the trading session. The BSE index rallied to a high of 35,467 and finally ended the day with a gain of 499 points at 35,414.
Among the Sensex 30 stocks, Axis Bank was the top gainer up 6.5 per cent followed by Bajaj Finserv up 5.5 per cent. HDFC, Bajaj Finance, ITC, IndusInd Bank, SBI, ICICI Bank, Reliance and HDFC Bank were the other major gainers – up 2-4 per cent each. On the flip side, NTPC, Nestle, Mahindra & Mahindra, Larsen & Toubro, ONGC and Sun Pharma were the major losers.
As anticipated, the Sensex gained upside momentum on consistently sustaining above the weekly close of 35,171. The BSE index now seems on course to test the weekly R1 level at 35,630, above which the index may spurt to 35,775.
As per the daily Fibonacci charts, on Thursday, in case of an up move the BSE Sensex may face resistance around 35,620-35,685-35,750, and in case of a down move, the BSE index is likely to seek support around 35,210-35,145-35,080.
The NSE Nifty has started the month of July with a gain of 1.2 per cent at 10,430. More importantly, the Nifty has made higher tops in the last two trading sessions and now seems within striking distance of the anticipated higher band of the trading range around the 10,500-level.
The higher end of the Bollinger Band on the daily charts indicates resistance around 10,550-odd level. In case the Nifty is able to break and close above 10,550, the index may then target its 200-DMA (Daily Moving Average) which is placed around 10,900-level. Next few trading sessions could be crucial in terms of understanding the future trend of the market.
Among the key momentum oscillators on the daily charts, the Slow Stochastic and the MACD (Moving Average Convergence Divergence) are still indicating indecisiveness. The DI (Directional Index) continues to remain positive, while the 14-day RSI (Relative Strength Index) is once again 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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