Mumbai: Bulls made merry on Dalal Street in the week under review as the BSE benchmark index, the Sensex, gained another 5.7 per cent for the second straight week. The BSE index scaled a fresh 3-month high at 34,489 largely led by financial shares, and finally ended the week on a firm note at 34,287. In the process, the Sensex has also started the month on a positive note.
Among sectors other than financials, metals, auto and energy shares also logged smart gains on hopes of economic recovery as India began to unlock the Covid-19 pandemic forced lockdown. Bajaj Finance was the top gainer among the Sensex 30 stocks this week, the stock zoomed over 22 per cent. It was followed by SBI, Tata Steel, Mahindra & Mahindra, Kotak Mahindra Bank, PowerGrid and HDFC Bank. On the other hand, Asian Paints and Hero MotoCorp were the only notable losers.
Also Read: Market Outlook: Time for some consolidation; Nifty may weaken below 9,980
The Sensex after starting the week and month with a near 500-point positive gap has so far managed to hold on to the early week low of 32,876. The BSE index has also given a strong buy indication on the monthly Fibonacci charts. Thus, the bias for the remainder of the month is likely to remain bullish as long as the Sensex sustains above 33,050-32,850 range. On the upside, the BSE index may now target it’s quarterly R1 (resistance) placed around 35,820.
As per the weekly Fibonacci charts, in case of further gains, the BSE Sensex may face resistance around 34,900-35,090-35,280, and in case of a down turn the BSE index may seek support around 33,670-33,480-33,290.
The NSE Nifty with this week’s near 6 per cent gain at 10,142 has rallied almost 12 per cent in the last two weeks. More importantly, the Nifty has also managed to close above its 100-WMA (Weekly Moving Average) for the first time since February 17, 2020. The 100-WMA for the Nifty is at 10,119, sustained trade above this level would open the doors for 11,000-mark in the short-to-medium term. On its way up, the NSE index may face some resistance around the 100-DMA (Daily Moving Average) placed at 10,300-odd level.
Select key momentum oscillators have turned favorable on the weekly charts, thus hinting towards a positive bias going ahead. The Slow Stochastic and the MACD (Moving Average Convergence Divergence) have given a positive crossover on the weekly charts, which is a bullish sign. As per the DI (Directional Index) the bulls are in come-back mode and a crossover could be possible soon. The RSI (Relative Strength Index) remains in neutral mode.
Disclaimer: The article is for information purpose only and does advocate any buy or sell recommendation.
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