Benchmarks boomeranged in the last hour, many outperform

Bhagyashree Vivarekar
/ Categories: Trending, Markets, DSIJ News

Indian benchmark indices which remained subdued for almost the entire trading session, gave the last hour bounce back to close nearly 0.7 per cent up. Broader markets too closed in green but underperformed the benchmark indices. On the sectoral front, all the sectors closed in the positive territory where pharma followed by all banking sectoral indices and FMCG outperformed the markets.

Pharma index closed 1.76 per cent up where it bounced back from 23.6 per cent retracement level of the prior upward rally from 8,019-9,424. The index had broken out of its trendline at 9,102 levels and on Friday hit below the levels at 9,082 but bounced back and has formed Pennant like pattern. In case the index sustains above 9,390-9,425, we can expect some more upside in the near term.

The second top gainer was Nifty Financial Service index which closed 1.54 per cent up. The index broke its prior major resistance at 11,190 levels and also gave a downward sloping trendline breakout at 11,100 on a closing basis where trendline was drawn from its all-time high levels. We expect the index to stay positive for some more sessions.

Others include Nifty PSU Bank which closed 1.2 per cent up where it rebounded slightly after 6 consecutive downbeats. Nifty FMCG too reverse from below its support level of 28,330 and closed above its previous high. Bank Nifty too closed above 1 per cent and attempted downward sloping trendline breakout at 26,705, closing near its prior two minor resistances at 26,766 levels. Nifty Private Bank index too closed with 0.94 per cent gains and broke two of its minor resistances with rising volumes and 14-period RSI quoting at 60.

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