Mumbai: The markets took a breather on Thursday following a sharp six-day rally wherein the key benchmark indices, the Sensex and the Nifty, had surged over 10 per cent each. The stage now seems set for some consolidation or possible correction.
The six-day rally came to halt today on account of profit-taking in financial shares. The BSE benchmark index, the Sensex, touched a high of 34,310 in early morning deals, but soon slipped into the negative zone and traded in red for a major part of the day. The Sensex finally ended with a modest loss of 129 points at 33,981.
Among the Sensex 30 stocks, Tech Mahindra was the major gainer, up over 5 per cent. Sun Pharma, Bharti Airtel, PowerGrid, HCL Technologies, Reliance Industries and TCS were the other major gainers, up 2-4 per cent each. On the other hand, Asian Paints was the major loser, down almost 5%. Bajaj Finance, HDFC, Kotak Mahindra Bank, IndusInd Bank, Axis Bank, Larsen & Toubro, ICICI Bank and HDFC Bank were the other prominent losers, down 2-4 per cent each.
Also Read: Market Outlook: Nifty reclaims 10K, charts indicate a likely pause
The Sensex after giving a clear buy signal on the monthly Fibonacci chart, may now consolidate for some time before resuming its upward journey. As explained yesterday, the bias for the remainder of the month is likely to remain bullish with strong support expected around the 33,050-32,850 range. On the upside, the BSE index may target 35,800 and 37,200-odd levels in the near future.
As per the daily Fibonacci charts, on Friday, in case of an up move the BSE Sensex is likely face resistance around 34,210-34,280-34,350, and in case of a down move, the BSE index may seek support around 33,750-33,680-33,610.
The NSE Nifty ended with a minor loss of 0.3 per cent at 10,029, but more importantly the index has ended below the higher end of the Bollinger Band on the daily charts for the first time in the last four trading sessions. Going forward, the 10,070-odd level would be crucial for the markets, this level needs to be sustained for the current momentum to continue.
On the flip side, persistent trade below 9,980-odd level would mean that the bears may have the upper-hand and the NSE index may decline towards 9,825-9,725 odd levels. In case the upward journey resumes, the Nifty may attempt to target it’s 100-DMA (Daily Moving Average) which is around 10,330-odd level.
Among the other key momentum oscillators, the Slow Stochastic and the 14-day RSI (Relative Strength Index) are showing signs of a likely consolidation. The MACD (Moving Average Convergence Divergence) and the DI (Directional Index) continue to favour the bulls.
Disclaimer: The article is for information purpose only and does not advocate any buy or sell /recommendation.
can i get cheap clomiphene price cost cheap clomid without rx clomid medication for women how can i get generic clomid where to get clomid without prescription can i purchase cheap clomiphene without rx can i buy cheap clomiphene no prescription
This is the compassionate of scribble literary works I in fact appreciate.
This is a topic which is virtually to my callousness… Myriad thanks! Quite where can I find the acquaintance details due to the fact that questions?
buy generic zithromax for sale – zithromax 500mg brand order metronidazole 400mg pill
rybelsus 14 mg tablet – oral rybelsus order cyproheptadine 4 mg generic
generic domperidone – cyclobenzaprine over the counter buy cyclobenzaprine 15mg generic
amoxil canada – buy generic diovan 80mg combivent sale
buy amoxiclav sale – atbioinfo.com ampicillin cost
order nexium 20mg pills – https://anexamate.com/ esomeprazole generic
warfarin 2mg without prescription – https://coumamide.com/ losartan over the counter
buy prednisone online cheap – arthritis prednisone 10mg oral
medication for ed – https://fastedtotake.com/ best natural ed pills
cheap amoxil – buy amoxil pills for sale amoxicillin ca
order diflucan 200mg sale – https://gpdifluca.com/# buy forcan generic
cialis package insert – cialis shipped from usa how much is cialis without insurance
order zantac generic – https://aranitidine.com/# zantac usa
The thoroughness in this break down is noteworthy. brand nolvadex
viagra super force 100 mg 60 mg pills – https://strongvpls.com/# cheap viagra 100 canada
Thanks on sharing. It’s outstrip quality. https://buyfastonl.com/azithromycin.html
This website exceedingly has all of the information and facts I needed to this participant and didn’t identify who to ask. https://ursxdol.com/furosemide-diuretic/
The reconditeness in this serving is exceptional. https://prohnrg.com/product/omeprazole-20-mg/
With thanks. Loads of erudition! cenforce allemagne
More posts like this would add up to the online play more useful. https://ondactone.com/product/domperidone/
This is the make of post I find helpful.
order flexeril
Thanks on putting this up. It’s well done. http://3ak.cn/home.php?mod=space&uid=229025
order forxiga 10 mg for sale – https://janozin.com/# order forxiga 10 mg generic
how to buy xenical – https://asacostat.com/ buy orlistat 60mg without prescription
I’ll certainly return to skim more. https://myrsporta.ru/forums/users/tsdfc-2/
You can shelter yourself and your dearest by being wary when buying panacea online. Some pharmaceutics websites manipulate legally and provide convenience, privacy, bring in savings and safeguards as a replacement for purchasing medicines. buy in TerbinaPharmacy https://terbinafines.com/product/tadapox.html tadapox
More posts like this would create the online space more useful. TerbinaPharmacy
I couldn’t turn down commenting. Profoundly written!