Mumbai: The markets exhibited high volatility in trades today on the back of huge swings in the Reliance stock. At first, the markets opened higher on the back of positive cues from the US markets, which rallied strongly overnight after Pharma firm Moderna announced successful completion of Phase-2 trial for Covid-19 vaccine on a set of 45 individuals. The US firm is now set to start the Phase 3 trial on humans by the end of this month.
The BSE benchmark index, the Sensex, opened nearly 300 points higher at 36,315, and soon firmed up on strong buying support in financials, Infosys and Reliance. While Infosys moved sharply higher on expectations of good performance in Q1 after a positive surprise from Wipro, Reliance too was in demand and recorded a fresh all-time high ahead of its AGM meet today. The strong rally in both these index heavyweights helped the BSE index surge to a high of 36,810.
The BSE index, however, turned volatile in the latter half of the day, as Reliance stock turned course and dipped to a low of Rs. 1,798 from a high of Rs. 1,978. The stock was down a whopping 9 per cent in intra-day deals from the highs of the day, as investors were left dis-appointed by the outcome of the first-ever virtual AGM by the company. While Reliance announced its achievements and ambitious plan to roll-out 5G service next year, there was no announcement of bonus share or mega dividend as per the rumour mills in the market. This also led to a sharp fall on the BSE index, which slipped into red to a low of 35,895 – down 915 points from the day’s high. The Sensex, however, bounced back into the positive zone and ended wee bit higher (19 points) at 36,052.
Also Read: Market Outlook: Weekly bias may remain negative as long as the Sensex stays below 36,450
Among the Sensex 30 stocks, Infosys surged over 6 per cent and registered a fresh 52-week high. HCL Technologies, TCS, Tech Mahindra, Axis Bank and Hindustan Unilever were the other major gainers, up 2-4 per cent each. On the other hand, Bharti Airtel and Reliance shed around 4 per cent each. ONGC, IndusInd Bank, Bajaj Finance, SBI and Asian Paints were the other prominent losers.
The BSE index has seen huge swings this week so far. Going forward as per the weekly Fibonacci charts, the BSE index is likely to face resistance around 35,600 and 35,810, while on the downside, the BSE index may slip towards 35,650-odd level.
As per the daily Fibonacci charts, on Thursday, in case of an up move the BSE Sensex may face resistance around 36,400-36,510-36,620, and in case of a down move, the BSE index is likely to seek support around 35,700-35,600-35,490.
Despite the high volatility, the NSE Nifty has managed to trade comfortably above its 20-DMA, even though failing to cross the 200-DMA. The near term bias is likely to remain positive as long as the NSE index sustains above 10,500-odd level, while crossover and close above 10,880-odd level can trigger fresh bullishness.
Among the key momentum oscillators on the daily charts, the Slow Stochastic remains in favour of the bears. The DI (Directional Index) is positive while the MACD (Moving Average Convergence Divergence) remain inconclusive. The 14-day RSI (Relative Strength Index) is in neutral mode.
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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