Nifty bulls did what Rohit Sharma is known for; V2 Retail hits upper circuit!
The bulls are displaying what the cricketer & Mumbai Indian Captain is known for, scoring double centuries!
Market Update at 11:30 AM: For cricket lovers, who missed the performance of Rohit Sharma in the first game of the second leg of IPL in UAE, don't worry, the bulls won't let you down! The bulls are displaying what the cricketer & Mumbai Indian Captain is known for, scoring double centuries! Nifty is inching close to its all-time high level as it jumped 190 points.
The market breadth is positive with 39 stocks in Nifty 50 index being in green while only 11 stocks were in the red. Among the sectoral indices, all indices were trading in green with Nifty Realty and Nifty PSU Bank leading from the front.
Among the buzzing stocks of the day, V2 Retail is locked at the upper circuit and the volume for the day is highest since September 7.
Nifty index, after having witnessed a daily range of more than 250 points in each trading session this week, finally traded in a narrow range of 86.5 points on Wednesday. Nifty opened the session with a positive bias and went on to touch the level of 17,610 on the higher side. As mentioned in our prior market note that the level of 17,630 may act as a resistance level, it did turn out to be true as the bulls failed to pierce that level on Wednesday.
As the stock of ZEEL moved 32 per cent higher, Nifty Media index gained by 13.57 per cent. Nifty Realty index was also up by 8.45 per cent. The metal and auto indices also gained 1.47 per cent & 1.27 per cent, respectively. Bank Nifty and FinNifty closed with a decline of over 0.75 per cent. The other sectoral indices advanced by over 0.50 per cent. India VIX is subdued and got settled at 16.49.
The price action of the day formed a small-bodied bearish candle on the daily chart and as mentioned earlier, it witnessed the narrowest daily range in the last four trading sessions. As a result, it has formed an NR4 bar.
Hence, going ahead, the high and low of Wednesday’s session could be an important level to watch out for. A move above the level of 17,610 could trigger a sharp rally on the upside while on the other hand, a decline below the level of 17,524 could trigger a sharp decline. Hence, watch out for these levels in the near term.
The 14-period RSI on the hourly timeframe has not managed to cross above the 60-mark. At the same time, on the downside, it has not slipped below the 50-mark; hence, momentum traders can also keep an eye on the hourly RSI as they can get a cue for further momentum in the index if RSI manages to cross above the 60-mark.