The markets closed with solid gains in last session with FMCG being the best performer up by 2.05%. The Sensex closed at 19888.95, up 215.31 points from its previous close, and the Nifty shut shop at 6043.55, up 72.50 points. The CNX Midcap index was up by 0.89% and closed at 8039.69, while the CNX Smallcap index gained 0.85% in today's trade. The market breadth was positive with advances at 617 against declines of 428 on the NSE.
Nifty hit three months high today and gave solid gain and closed above 6000 level. A rising trend line support is coming at 5970 level now. As per EOD candle stick pattern Bullish Gap up candlestick pattern has formed on daily chart today which is indicating strong up side trend in short term. As per nifty Relative Strength Indicator (RSI), it is at 68 level and it has come in overbought zone. As per nifty slow stochastic indicator it is placed in overbought zone. The recent price pattern on nifty daily chart had given strong bullish signal from 5477 with increasing RSI towards upside in near term. Nifty has strong resistance near 6080-6103. NIFTY is in buy mode. But momentum indicator is placed in overbought zone and indicating negative divergence.
Nifty 6000 put added huge fresh 2,268,950 fresh contracts in open interest. As nifty up by 72 points and open interest increasing in 6000 put indicating that nifty will remain above 6000 level confidently in Wednesday session and this level is ready to give support nifty in tomorrow session.
According to the data available from the exchanges, FIIs bought index future worth rs 540 cores and open interest increased by 8.8% indicating that fresh long position has been created by FIIs today.
LAST HIGH - 6050 LAST LOW - 5982
WEEKLY HIGH - 6050 WEEKLY LOW - 5867
5 DMA DAILY - 5978
20 DMA DAILY- 5763
WEEKLY HIGH - 6050 WEEKLY LOW - 5867
5 DMA DAILY - 5978
20 DMA DAILY- 5763
50 DMA DAILY- 5771
200 DMA DAILY- 5691
| 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 / LO | 617 / 428 596 / 449 38 / 1 39 / 9 23 / 128 231 / 60 39 / 24 |
As I have given you indication that nifty is ready to kiss 6040 level. It kissed today and ready to roar next up move But bulls beware it is in final leg of up move. 6103 level will create a strong resistance for nifty and bulls will need extra power to cross and sustained above this level. nifty may kiss 6289 very soon but before i expect a 150-200 points correction. Nifty has given strong momentum today and rising with lower trend line support. All momentum indicators are in overbought zone and some are showing negative divergence.
Short term stop loss for long trade at 5990 spot price if broken then expect 5930
Up side target expected - 6070-6103
For larger view click on chart
For larger view click on chart
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