The Sensex closed at 19406.85 up 229.49 points from its previous close, and the Nifty closed at 5916, up 79.40 points. The CNX Midcap index was up by 0.56% while the CNX IT index was down by 1.56% in today's trade. The market breadth was positive with advances at 549 against declines of 477 on the NSE. The Bank index was up by 1.46% in last session and closed at 12726.85. HDFC jumped 5.46% highest on nifty 50 group while HCLTECH was the biggest looser with -2.29% in today's session.
Nifty gave a breakout above falling trend line and closed above 5900 psychological level and nifty hit one month high. AS per EOD candle stick pattern bullish gap up candle stick pattern has formed today. As per nifty Relative Strength Indicator (RSI), it is at 65 level and indicating very strong strenght towards up side. As per nifty slow stochastic indicator it has placed now in overbought zone. The recent price pattern on nifty daily chart has given strong bullish signal from 5477 with increasing RSI towards upside in near term. Nifty has strong resistance near 5971. NIFTY is in buy mode.
Nifty gave a breakout above falling trend line and closed above 5900 psychological level and nifty hit one month high. AS per EOD candle stick pattern bullish gap up candle stick pattern has formed today. As per nifty Relative Strength Indicator (RSI), it is at 65 level and indicating very strong strenght towards up side. As per nifty slow stochastic indicator it has placed now in overbought zone. The recent price pattern on nifty daily chart has given strong bullish signal from 5477 with increasing RSI towards upside in near term. Nifty has strong resistance near 5971. NIFTY is in buy mode.
Nifty 5900 put of May series added fresh 2,176,700 fresh contracts in open interest. As nifty was up by 79.40 points and addition in 5900 put option indicating that 5900 put has been written. Put call ratio is at 1.22 indicating positive sentiment.
FIIs bought 125227 contracts of index future worth Rs. 3716 cores and open interest decreased by -31%. AS the F&O expiry was today so this data is not important but it is indicating huge shorts covering. Fii bought equity in cash segment of 1449 cores.
LAST HIGH - 5924 LAST LOW - 5853
WEEKLY HIGH - 5924 WEEKLY LOW - 5500
5 DMA DAILY - 5812
20 DMA DAILY- 5612
WEEKLY HIGH - 5924 WEEKLY LOW - 5500
5 DMA DAILY - 5812
20 DMA DAILY- 5612
50 DMA DAILY- 5766
200 DMA DAILY- 5668
| Advance / Decline Stocks above / below 50 DMA Breakouts: Bullish / Bearish Stocks gaining / losing > 5% Stocks Oversold / Overbought Stocks at 20 day HI / LO Stocks at 52 week HI / LOW | 549 / 477 442 / 584 27 / 2 32 / 11 20 / 133 204 / 60 29 / 26 |
Nifty opened gap up above trend line and closed above 5900. As we are seeing very fast recovery so i hope there are still some more potential towards up side is due in market from current level. AS long as nifty doesn't close below its previous day low price my up side view will remain positive. Lots of nifty heavy weight company is at about to breakout level now and if breakout happen then it may take nifty more higher. Nifty retraced 78.6% till now and face resistance around this level. As nifty hourly chart showing very overbought so 5950-5970 level may create hurdle for nifty and a minor correction up to 5790 can't be ruled out.
Short term stop loss for long trade at 5850 spot price
Target expected - 5970 if broken then 6170 expected.
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