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Mumbai: The markets today started the day on a subdued note and exhibited lackluster movement in the first half of the trading session. The BSE benchmark index, the Sensex after opening 120-odd points higher at 39,161, and touched a low of 39,038 in early morning deals. However, renewed buying interest in the latter half of the trading day helped the BSE index surge to a high of 39,360. The Sensex finally ended with a gain of 259 points at 39,303.
Among the Sensex 30 stocks, Mahindra & Mahindra rallied over 4 per cent. Bajaj Auto, Sun Pharma, HDFC Bank, Infosys, Larsen & Toubro, UltraTech Cement and Nestle India advanced 1-3 per cent each. On the other hand, IndusInd Bank, NTPC, SBI and ONGC declined 1-2 per cent each.
With today’s high at 39,360, the Sensex has now given a fresh buy signal on the monthly Fibonacci chart. Earlier this month, the BSE index had given a minor sell signal on the monthly chart. The outlook for the remainder of the month is now a bit confusing, and the markets may exhibit high amount of volatility going ahead given the mixed signals.
Also Read: Market Outlook: Upside likely to be limited; 11,650 remains key hurdle for Nifty
As per the monthly Fibonacci chart, the BSE index can now potentially rally towards 39,800-40,180-40,550 in the remainder of the month. Whereas, on the downside, the BSE index can re-test its recent low of 37,950-odd level or drift towards 38,450.
As per the daily Fibonacci charts, on Thursday, in case of an up move the BSE Sensex may face resistance around 39,425-39,460-39,500. On the other hand, in case of a decline the Sensex may seek support around 39,180-39,140-39,100.
The NSE Nifty today registered its second best close in the last six months. The Nifty rallied past the 11,600-mark and ended firmly at 11,605, up 0.7 per cent. The NSE index is now within striking distance of its higher end of the Bollinger Band on the daily charts and its key hurdle at 11,650. The daily charts also indicate the possibility of the index testing its super trend line around 11,700.
Now that the Sensex has crossed it’s resistance at 39,300-level it’s possible that the NSE index too clears its hurdle at 11,650. If the NSE index is able to cross and close above 11,650, then we may see further strength in the markets. On the flip side, in case the NSE index fails to conquer 11,650-level, then the index may retract back towards it’s 20-DMA (Daily Moving Average) at 11,450.
Among the key momentum oscillators on the daily charts, the DI (Directional Index) and the Slow Stochastic continue to remain in favour of the bulls. The MACD (Moving Average Convergence Divergence) is inconclusive and the 14-day RSI (Relative Strength Index) is in the neutral 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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