Markets
BSE See NSE See 38,182.08
141.51 (0.37%)

Index trend and stocks in action on June 11, 2020

Henil Shah
/ Categories: DSIJ Mindshare
Rate this article:
4.0
Index trend and stocks in action on June 11, 2020

Nifty opened the session with a gap-up, however, post the gap-up opening, there was not much follow-up buying and the index started to trim its gains. Thereafter, the index traded in a capped range but in the last leg of the trade, index saw a sharp surge and it ended the day above 10,100 levels.

The price action formed a bull candle with a lower shadow. Further, as the price traded within high-low range of prior bar, it led to a formation of an inside bar. As there is a formation of inside bar, Tuesday’s high and low is likely to be important levels to watch out.  A move above or below the low of Tuesday’s session could give a sharp move.

On the upside, the 100-DMA which is placed at 10,255 is likely to act as a resistance. While on the downside, the 8-DMA is acting as a support for the index.  On the hourly time scale, the index resisted at the 20-DMA and this 20-DMA has turned down.

Overall, Tuesday’s high-low is a crucial level to watch out and a move above Tuesday’s high would further provide strength to bulls and they may aim to test the levels of 10,300.

 

TeamLease Services: The company has acquired the last tranche of 24 per cent stake in E-hire pursuant to which, the company now holds 100 per cent stake in E-hire, thereby rendering E-Hire as the wholly-owned subsidiary of the company.

TCS: The company retains position as America's Most Community-Minded Technology Company.

Previous Article Dr. Reddy's successfully acquires Wockhardt's select business divisions
Next Article D-Street to open on a flat to negative note

Please login or register to post comments.

DSIJ MINDSHARE

12345Last