@rex_cano
Mumbai: The markets after a positive start fizzled out gains and slipped into red owing to weakness in select index heavyweights namely – Bharti Airtel, ITC and Infosys. Globally, the markets were mostly mixed as while the US markets on Wednesday ended on a firm note the futures indicated a subdued start later today.
The BSE benchmark index, the Sensex, opened 80-odd points higher at 38,457, and soon touched a high of 38,517. A heavy bout of profit-taking around noon saw the BSE index slip into red and touch a low of 28,215 – down 302 points from the day’s high. The Sensex, thereafter, recouped losses and remained range-bound settling at 38,310 – down mere 59 points.
Among the Sensex 30 stocks, Larsen & Toubro and Titan Industries surged around 4 per cent each. HCL Technologies, UltraTech Cement and NTPC advanced around a per cent each. On the flip side, Bharti Airtel and Sun Pharma slipped over 2 per cent each. ITC also declined over a per cent.
As per the daily Fibonacci charts, on Friday, in case of an up move the BSE Sensex may face resistance around 38,425-38,460-38,500, and in case of a down move, the BSE index is likely to seek support around 38,195-38,160-38,125.
Also Read: Market Outlook: Bias remains positive; Nifty likely to test 11,400
The NSE Nifty ended almost unchanged at 11,300-odd level, down eight points. The trading range has been getting narrower since the last few trading sessions, indicating a possibility of a breakout in the near term. The NSE index now seems trapped in a relatively thin range of 11,160-11,400, wherein 11,160-odd level is the 20-DMA (Daily Moving Average) and the 11,400 level, is the higher end of the Bollinger Band on the daily charts.
A breakout in either direction can trigger a sharp move in that particular direction. An upside breakout can trigger a jump towards 11,500-level, whereas a breakout on the down side can trigger a slide towards the lower-end of the Bollinger Band, around 10,950-odd level.
Among the key momentum oscillators on the daily charts, the DI (Directional Index) continues to remain positive. The Slow Stochastic and the MACD (Moving Average Convergence Divergence) are somewhat inconclusive. The 14-day RSI (Relative Strength Index) is nearing the 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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