@Rex_cano
Mumbai: The markets continued its northbound journey on the back of sustained buying support in select financial and technology shares. The BSE benchmark index, the Sensex, opened nearly 400 points higher at 36,409, and thereafter dipped to a low of 37,186 on account of intra-day profit-taking. The Sensex, however, touched a high of 37,479 and finally ended with a smart gain of 399 points at 37419.
Among the Sensex 30 stocks, Bajaj Finance, Bajaj Finserv, HCL Technologies and Tech Mahindra rallied around 4 per cent each. Infosys, HDFC Bank, ICICI Bank, Asian Paints, IndusInd Bank, Bharti Airtel and SBI were up 1-3 per cent each. On the other hand, Sun Pharma plunged nearly 4 per cent. NTPC, Maruti, Kotak Bank, Larsen & Toubro and ITC were the other notable losers.
The BSE Sensex is yet to give any clear indication on the weekly Fibonacci charts, while as per the quarterly and yearly Fibonacci charts, the Sensex is likely to move closer to the 38,000-mark in the near term. The monthly Fibonacci charts, indicates an extremely bullish scenario as long as the BSE index sustains above 37,000-mark
As per the daily Fibonacci charts, on Tuesday, in case of an up move the BSE Sensex may face resistance around 37,530-37,565-37,600, and in case of a down move, the BSE index is likely to seek support around 37,310-37,270-37,240.
The NSE Nifty has managed to close above the 200-DMA (Daily Moving Average) for the second straight trading session, with today’s gain of 1.1 per cent at 11,022. The NSE index, however, was unable to break above the higher-end of the Bollinger Band on the daily charts. As per the daily charts, while the bias remains extremely bullish as long as the Nifty holds above 10,870 (200-DMA), the index needs to sustain above 11,050 for further gains to emerge.
In case, the NSE index is unable to sustain above 11,050, we may witness a correction towards the 200-DMA, below which some amount of profit-taking can be expected. In other words, the 11,050 can be a pivot point for tomorrow’s trading session.
Among the key momentum oscillators on the daily charts, the Slow Stochastic and the DI (Directional Index) are in favour of the bulls. The 14-day RSI (Relative Strength Index) has once again reached near overbought levels, while the MACD (Moving Average Convergence Divergence) remains inconclusive.
Disclaimer: The views expressed in this article are personal and for information purpose only, it does not advocate any buy or sell /recommendation.
