Bias to remain positive at above 5,260

The ended higher, with a gain of 2.1 per cent for the second week, owing to foreign institutional investors (FIIs) buying support. It touched a high of 17,727 and ended the week at 17,558, a gain of 360 points.

So far this month, FIIs have bought stocks worth Rs 4,630, raising their investment to about Rs 56,000 crore this year.

Among stocks, soared about nine per cent to Rs 111. Mahindra & Mahindra, Hindustan Unilever, Reliance, Hindalco, and were the other major gainers. Bharti Airtel slumped nearly 14 per cent to Rs 254. State Bank of India and Hero MotoCorp were the other notable losers.

According to the monthly Fibonacci chart, this week, the faced resistance around the R2 (second resistance level), at 17,752, before retracing its path a wee bit. The overall bias is likely to remain positive, as long as the index sustains above 17,460. On the upside, the index may attempt a move up to R3, at 17,875.

According to the quarterly charts, the bias for the is likely to remain positive, as long as the Bombay Stock Exchange benchmark index sustains above 17,430. On the upside, the index near-target would be 17,835, while the far-off target would be 18,140. Next week, the is likely to seek support at 17,400-17,300, while it may face resistance at 17,715-17,815.

The National Stock Exchange Nifty moved in a range of 117 points. After a gap-up opening at 5,261, the index surged to a high of 5,378, settling at 5,320, a gain of 105 points. The Nifty seems to be facing resistance at about 5,375, the higher end of the Bollinger Band of the daily charts. However, the bias is likely to remain bullish, as long as the index sustains above 5,260.

Select momentum oscillators like the Stochastic Slow entered the overbought territory, both on the daily and weekly charts. Similarly, the ADX (average directional index) is also at the lowest point on the weekly charts; neither the bulls, nor the bears, are strong enough at this point.

Therefore, it is possible we could see choppy movement in the coming days. The expected range for the Nifty is 5,260-5,380, with an upside extension to 5,450-odd levels. However, one should avoid long positions in case the index consistently trades below 5,260.

image
Business Standard
177 22
Business Standard

Bias to remain positive at above 5,260

Rex Cano  |  Mumbai 

The ended higher, with a gain of 2.1 per cent for the second week, owing to foreign institutional investors (FIIs) buying support. It touched a high of 17,727 and ended the week at 17,558, a gain of 360 points.

So far this month, FIIs have bought stocks worth Rs 4,630, raising their investment to about Rs 56,000 crore this year.

Among stocks, soared about nine per cent to Rs 111. Mahindra & Mahindra, Hindustan Unilever, Reliance, Hindalco, and were the other major gainers. Bharti Airtel slumped nearly 14 per cent to Rs 254. State Bank of India and Hero MotoCorp were the other notable losers.

According to the monthly Fibonacci chart, this week, the faced resistance around the R2 (second resistance level), at 17,752, before retracing its path a wee bit. The overall bias is likely to remain positive, as long as the index sustains above 17,460. On the upside, the index may attempt a move up to R3, at 17,875.

According to the quarterly charts, the bias for the is likely to remain positive, as long as the Bombay Stock Exchange benchmark index sustains above 17,430. On the upside, the index near-target would be 17,835, while the far-off target would be 18,140. Next week, the is likely to seek support at 17,400-17,300, while it may face resistance at 17,715-17,815.

The National Stock Exchange Nifty moved in a range of 117 points. After a gap-up opening at 5,261, the index surged to a high of 5,378, settling at 5,320, a gain of 105 points. The Nifty seems to be facing resistance at about 5,375, the higher end of the Bollinger Band of the daily charts. However, the bias is likely to remain bullish, as long as the index sustains above 5,260.

Select momentum oscillators like the Stochastic Slow entered the overbought territory, both on the daily and weekly charts. Similarly, the ADX (average directional index) is also at the lowest point on the weekly charts; neither the bulls, nor the bears, are strong enough at this point.

Therefore, it is possible we could see choppy movement in the coming days. The expected range for the Nifty is 5,260-5,380, with an upside extension to 5,450-odd levels. However, one should avoid long positions in case the index consistently trades below 5,260.

RECOMMENDED FOR YOU

Bias to remain positive at above 5,260

The Sensex ended higher, with a gain of 2.1 per cent for the second week, owing to foreign institutional investors (FIIs) buying support. It touched a high of 17,727 and ended the week at 17,558, a gain of 360 points.

The ended higher, with a gain of 2.1 per cent for the second week, owing to foreign institutional investors (FIIs) buying support. It touched a high of 17,727 and ended the week at 17,558, a gain of 360 points.

So far this month, FIIs have bought stocks worth Rs 4,630, raising their investment to about Rs 56,000 crore this year.

Among stocks, soared about nine per cent to Rs 111. Mahindra & Mahindra, Hindustan Unilever, Reliance, Hindalco, and were the other major gainers. Bharti Airtel slumped nearly 14 per cent to Rs 254. State Bank of India and Hero MotoCorp were the other notable losers.

According to the monthly Fibonacci chart, this week, the faced resistance around the R2 (second resistance level), at 17,752, before retracing its path a wee bit. The overall bias is likely to remain positive, as long as the index sustains above 17,460. On the upside, the index may attempt a move up to R3, at 17,875.

According to the quarterly charts, the bias for the is likely to remain positive, as long as the Bombay Stock Exchange benchmark index sustains above 17,430. On the upside, the index near-target would be 17,835, while the far-off target would be 18,140. Next week, the is likely to seek support at 17,400-17,300, while it may face resistance at 17,715-17,815.

The National Stock Exchange Nifty moved in a range of 117 points. After a gap-up opening at 5,261, the index surged to a high of 5,378, settling at 5,320, a gain of 105 points. The Nifty seems to be facing resistance at about 5,375, the higher end of the Bollinger Band of the daily charts. However, the bias is likely to remain bullish, as long as the index sustains above 5,260.

Select momentum oscillators like the Stochastic Slow entered the overbought territory, both on the daily and weekly charts. Similarly, the ADX (average directional index) is also at the lowest point on the weekly charts; neither the bulls, nor the bears, are strong enough at this point.

Therefore, it is possible we could see choppy movement in the coming days. The expected range for the Nifty is 5,260-5,380, with an upside extension to 5,450-odd levels. However, one should avoid long positions in case the index consistently trades below 5,260.

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard