Yesterday, NIFTY made a Small Black Candlestick. Purely Stock and Sector wise movement was witnessed all over the counter. NIFTY had a flat opening of almost 15-20 points with the positive bias. After a flat opening NIFTY moved up within seconds and made a new life time high of 6358.90, by crossing the previous life time high of 6357. After kissing the new life time NIFTY dropped down and made a low of 6265.35 for the day. Sectors like CEMENT, SUGAR, FERTILIZER and METALS witnessed a good buying interest, whereas OMCs and IT were the top losers of the day. A bit of profit booking was also witnessed in some of the stocks. Currently, the level of 6000 is acting as a very important support level for NIFTY. Finally, for the day the session ended at 6273.20.
Purely Stock Specific and Sector Specific actions will be witnessed now as the Results Season has begun. DIVISLAB, FINANTECH, GMRINFRA, HINDALCO and TATAMOTORS will be announcing their results today. On the Global front, Merrill Lynch & Co. Inc. is going to announce its Quarterly Results in US.
Consumer Price Index for the month of October will be announced in Germany, Industrial Production, Manufacturing Production, Total Trade balance and Goods Trade Balance for the month of September will be announced in UK. Wholesale Inventories for the month of September and ABC/Washington Post Consumer Confidence will be announced in US.
NIFTY is now again trading above its 20-Days EMA (Exponential Moving Average) of 6124.29 and the 50-Days SMA (Simple Moving Average) of 5962.84. Both the moving averages are still supporting the recent positive move. The next support level lies at 5970.
MACD (Moving Average Convergence Divergence) has also maintained the positive trend. But at the same time, RSI (Relative Strength Index) reverted from the overbought zone. Traders are suggested to trade cautiously in the markets, as markets have surpassed all the major resistances and have entered in the Over Bought Zone.
For the day, intraday resistance for NIFTY comes at 6285 / 6320 / 6360 levels. At the same time, 6260 / 6220 / 6185 will act as major intraday support levels.
What does Indicators Say?
- RSI (14 Days & 9 Days): The values are 64.00 and 60.65, respectively.
- MACD (26 Days & 12 Days): Their Values are 70.27 and 45.72, respectively. a positive crossover is indicated by both the Moving Averages.
- +DI: 33.95, -DI: 19.55, ADX: 25.33: The Positive Directional Index has gained strength over the Negative Directional Index and also the Average Directional Index is above 20, indicating the development of strength in the current trend.
- SMA (50 Days) & EMA (20 Days): The values of these two indicators are 5962.84 and 6124.29.
Pre - Market Calls:
BALRAMCHIN Buy only if it trades above 95 for the Targets of 97 & 98, with the strict Stop Loss of 93.50.
RECLTD Buy only if it trades above 380 for the Targets of 388 & 390, with the strict Stop Loss of 373.
HINDOILEXP Buy at the levels of 283-284 for the Targets of 292 & 294, with the strict Stop Loss of 276.
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