BY- Ankit Kumar
MUMBAI: The 50-share National Stock Exchange benchmark Nifty surged higher after a strong opening on the back of positive cues from Asian peers. All the sectoral indices, barring the IT space, were in the green with banks, realty and capital goods space in the lead.
According to dealers, the near term trend looks bullish and the benchmarks may continue with their upward momentum.
"Oscillators RSI (14) and MACD (12/26/9) are exhibiting positive momentum on the hourly charts while prices have closed comfortably above the falling trend line resistance near 4925.
Hence current rally is likely to extend and the index could test the next resistance near 5034 in the session ahead. Any gains above it find next resistance near 5087.
On the downside, 4932 and then the 40-hour EMA near 4890 act as supports to keep the current positive tone intact. Early close below 4890 will prompt for a revisit of August low of 4720 negating the possibility of any further gains," said Aditya Birla Money report.
MUMBAI: The 50-share National Stock Exchange benchmark Nifty surged higher after a strong opening on the back of positive cues from Asian peers. All the sectoral indices, barring the IT space, were in the green with banks, realty and capital goods space in the lead.
According to dealers, the near term trend looks bullish and the benchmarks may continue with their upward momentum.
"Oscillators RSI (14) and MACD (12/26/9) are exhibiting positive momentum on the hourly charts while prices have closed comfortably above the falling trend line resistance near 4925.
Hence current rally is likely to extend and the index could test the next resistance near 5034 in the session ahead. Any gains above it find next resistance near 5087.
On the downside, 4932 and then the 40-hour EMA near 4890 act as supports to keep the current positive tone intact. Early close below 4890 will prompt for a revisit of August low of 4720 negating the possibility of any further gains," said Aditya Birla Money report.
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