Yesterday, NIFTY made a Small Black Candlestick. In terms of NIFTY, a very quiet session was witnessed, but the stock movement was very volatile at the same time. A had a flat opening with a positive bias of almost 5-7 points. A quiet sluggish session, with a bit of profit booking was witnessed in the markets which dragged NIFTY till the levels of 6269.25 for the day. Purely Stock and Sector wise movement was witnessed all over the counter, with SHIPPING and OMCs (Oil Marketing Companies) being the star performer of the day. After a sluggish and a volatile session at some counter, NIFTY finally ended the session at 6275.70, while for the day, NIFTY made a high of 6307.65. Currently, the level of 6180 is acting as a very important support level for NIFTY.
Purely Stock Specific and Sector Specific actions will be witnessed now as the Results Season has begun. APOLLOTYRE, BHUSANSTEL, CIPLA, GUJNRECOKE, HDIL, LITL, MMTC and RANBAXY will be announcing their results today. On the Global Front, VIACOM INC., The Walt Disney Company and NVIDIA Corporation will be announcing their Quarterly Results in US. Credit Agricole will be announcing its Quarterly Results in France.
A very crucial set of Economic Data will be announced in China like, Producer Price Index, Urban Investment, Retail Sales, Industrial Production and Consumer Price Index, which may decide the further direction of the Markets all over the Globe. US will be witnessing a trading holiday on account of Veteran’s Day. Besides, all this G-20 Summit is going to start from today in Seoul; the decisions taken in the summit will also impact the move of the markets all over the globe.
NIFTY is now again trading above its 20-Days EMA (Exponential Moving Average) of 6153.99 and the 50-Days SMA (Simple Moving Average) of 5998.02. Both the moving averages are still supporting the recent positive move. NIFTY is not able to maintain above the levels of 6300 very well, which creates some doubtful situation in its further upside move, whereas the next support level lies at 5960.
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 6310 / 6335 / 6350 levels. At the same time, 6260 / 6235 / 6200 will act as major intraday support levels.
What does Indicators Say?
- RSI (14 Days & 9 Days): The values are 62.93 and 61.88, respectively, showing a negative crossover.
- MACD (26 Days & 12 Days): Their Values are 77.51 and 53.54, respectively. a positive crossover is indicated by both the Moving Averages.
- +DI: 31.57, -DI: 19.93, ADX: 24.95: 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 5998.02 and 6153.99.
Pre - Market Calls:
BHARATFORG Buy at the levels of 387-388 for the Targets of 395 & 396, with the strict Stop Loss of 383.
HCC Buy only if it trades above 66 for the Targets of 68 & 70, with the strict Stop Loss of 64.70.
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