{"id":62114,"date":"2020-07-18T12:14:38","date_gmt":"2020-07-18T06:44:38","guid":{"rendered":"https:\/\/Thenews21.com\/?p=62114"},"modified":"2020-07-19T16:15:05","modified_gmt":"2020-07-19T10:45:05","slug":"weekly-outlook-nifty-conquers-select-key-barriers-early-signs-of-trend-reversal-seen-confirmation-awaited","status":"publish","type":"post","link":"https:\/\/thenews21.com\/weekly-outlook-nifty-conquers-select-key-barriers-early-signs-of-trend-reversal-seen-confirmation-awaited","title":{"rendered":"Nifty conquers select key barriers"},"content":{"rendered":"\n
Mumbai<\/strong>: The markets extended its winning streak to the fifth straight week amid high amount of volatility as key benchmark indices tested major resistance levels. Global cues, earnings season and domestic news flow were the major triggers this week.<\/p>\n\n\n\n In the week under review, the BSE benchmark index, the Sensex, after a positive start witnessed a mid-week correction wherein the BSE index dropped to a low of 35,877. However, a strong recovery thereafter mainly on account of aggressive buying in metals and IT shares saw the BSE index surge to a high of 37,126 – up 1,249 points from the lows of the week. The Sensex eventually ended the week with a gain of 1.2 per cent (426 points) at 37,020.<\/p>\n\n\n\n Among the Sensex 30 stocks, Infosys zoomed over 15 per cent on the back of better-than-expected Q1 results. HCL Technologies, Mahindra & Mahindra, Hindustan Unilever, Tata Steel and Bajaj Auto rallied 3-7 per cent each. On the other hand, PowerGrid Corporation shed 5.5 per cent. HDFC, SBI, IndusInd Bank, NTPC and ICICI Bank declined 2-4 per cent each.<\/p>\n\n\n\n The Sensex has reaffirmed its bullish bias on the monthly Fibonacci chart, by crossing the monthly R3 placed at 36,990. As per the monthly Fibonacci chart, the bias for the remainder of the month is likely to remain bullish as long as the BSE index sustains above 35,650-level. The BSE index can expect intermediate support around 36,600 and 36,200.<\/p>\n\n\n\n