Nifty moved 99 points higher today closing at 7704. It is interesting to note that Nifty is giving a rung by rung movement, moving from 7400 to 7500, 7600 and today past 7700. All of these levels have played an important role in the past few sessions and is a good indication for the market. Resistance is at 7730 and 8000. The BankNifty index is close to its resistance trendline however considering the momentum of the index coupled with the positive indication from the RSI, we doubt the credibility of the trendline and anticipate a breakout .
The BankNifty stocks have all closed in green, with SBIN the most bullish. PNB and Yesbank followed close behind.
Among the Auto sector we have ashokleyland which performed very well, closing 6.5% higher.
The international picture:
Crude oil is almost a percent lower, and gold is half a percent down. The curious thing here is that equities are usually directly related to crude oil and inversely related with gold. However with the crude and gold trading negative it is difficult to predict the impact on the equities all over. The 24 hrs open DOW future and NASDAQ futures are both flat with negative bias. The European indices are relatively negative however the german DAX is trading poisitive. The ASIAN markets have a flattish stance, the Shanghai composite closed almost 2% higher, sensex crossed the important 25000 level.
CHART OF THE DAY
TBZ closed 9.5% higher. In the morning all jewellery stocks were very bullish in reaction to the end of the 18 days strike. On the chart a very long shadowed spinning top has been witnessed . However the movement today is entirely sentimental and a continuation of this movement is difficult to anticipate, lets just follow the coming sessions until the sentiments relax and then make a trading or investing decision.
MARKET WRAP for 21st Mar, ’16:
Nifty moved 99 points higher today closing at 7704. It is interesting to note that Nifty is giving a rung by rung movement, moving from 7400 to 7500, 7600 and today past 7700. All of these levels have played an important role in the past few sessions and is a good indication for the market. Resistance is at 7730 and 8000. The BankNifty index is close to its resistance trendline however considering the momentum of the index coupled with the positive indication from the RSI, we doubt the credibility of the trendline and anticipate a breakout .
The BankNifty stocks have all closed in green, with SBIN the most bullish. PNB and Yesbank followed close behind.
Among the Auto sector we have ashokleyland which performed very well, closing 6.5% higher.
The international picture:
Crude oil is almost a percent lower, and gold is half a percent down. The curious thing here is that equities are usually directly related to crude oil and inversely related with gold. However with the crude and gold trading negative it is difficult to predict the impact on the equities all over. The 24 hrs open DOW future and NASDAQ futures are both flat with negative bias. The European indices are relatively negative however the german DAX is trading poisitive. The ASIAN markets have a flattish stance, the Shanghai composite closed almost 2% higher, sensex crossed the important 25000 level.
CHART OF THE DAY
TBZ closed 9.5% higher. In the morning all jewellery stocks were very bullish in reaction to the end of the 18 days strike. On the chart a very long shadowed spinning top has been witnessed . However the movement today is entirely sentimental and a continuation of this movement is difficult to anticipate, lets just follow the coming sessions until the sentiments relax and then make a trading or investing decision.
