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Mumbai: The markets extended its rally to the eight straight trading session on the back of renewed optimism amid hopes of a strong Q2 earnings season and sops from the government to boost the economy. The BSE benchmark index, the Sensex, opened 210 points higher at 40,717, and soon jumped to a high of 40,905. Profit-taking at higher levels saw the BSE index wipe out gains and slip into red to a low of 40,387. The Sensex, however, recouped losses and finally ended 84 points higher at 40,594.
Among the Sensex 30 stocks, ITC and Infosys advanced over 2 per cent each. Asian Paints, HCL Technologies, PowerGrid Corporation and Maruti Suzuki were up over a per cent each. On the flip side, Bharti Airtel, ONGC, HDFC Bank, IndusInd Bank, Bajaj Auto and Nestle India declined 1-2 per cent each.
The BSE Sensex has given a minor buy signal on the weekly Fibonacci chart. As per the weekly chart, the BSE index may attempt an up move towards 40,180-40,390-40,600 levels during the week. As per the quarterly and yearly Fibonacci chart, the BSE index may face stiff resistance around the 41,200-41,250 range. In case of a decline, the Sensex is likely to get considerable support around 39,840.
Also Read: Weekly Outlook: Medium-term trend turns positive; Nifty likely to test 12,150
As per the daily Fibonacci chart, on Tuesday, in case of an up move the BSE index is likely to face resistance around 40,790-40,850-40,910. On the other hand, in case of a decline the Sensex may seek support around 40,400-40,330-40,270.
The NSE Nifty soared past the 12,000-mark to a high of 12,022 and then retreated back to a low of 11,867. The Nifty eventually settled with a minor gain of 0.1 per cent at 11,931. On Monday, the NSE index ended below the day’s open for just the second time in the last eight trading sessions, such has been the strength of the current rally.
The NSE index seems to be pushing along the higher-end of the Bollinger Band on the daily chart for the last four trading sessions. Since, select momentum oscillators are in overbought zone, occasional profit-taking can be witnessed in the market. However, the weekly chart is clearly in favour of the bulls indicating the possibility of more upside during the course of the week, and a likely target of 12,150 for the Nifty in the near term.
Among the key momentum oscillators on the daily chart the DI (Directional Index) and MACD (Moving Average Convergence Divergence) continue to indicate bullishness. The Slow Stochastic has reached the overbought territory and is slightly inconclusive. The 14-day RSI (Relative Strength Index) too is on the verge of reaching 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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