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Sensex can scale higher if it breaches 40,800; bank stocks likely to shine

The daily chart shows buying around 40,200. If this level holds, then a further upside looks certain. Although, MACD trades with a negative crossover, the charts do not indicate any major weakness

Avdhut Bagkar  |  Mumbai 

NIFTY 50: The index has formed 'Golden Cross' pattern on the technical charts and is set to rise towards lifetime high. That said, conquering the 12,000 mark on closing basis seems a difficult task as things stand. This level has become a stiff hurdle from the past 12 sessions.

Indeed, the overall trend looks optimistic above 11,800, which is the immediate support. Only a sharp close below this level may trigger more correction. Although, Relative Strength Index (RSI) has fallen below oversold condition, it still trades with a negative crossover along with Moving Average Convergence ...

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First Published: Mon, November 25 2019. 11:48 IST
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