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Index trend and stocks in action May 16, 2019

Karan DSIJ
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Index trend and stocks in action May 16, 2019

The Nifty opened the session on a positive note, however, it failed to gather enough momentum to get past the identical high (11,300) of the last two sessions and, in the last hour of trading, relentless selling was seen and Nifty closed below its crucial 11,200 mark. The price action formed an inside bar pattern as the price traded within the high-low of the previous trading session. The Nifty has rested just above its important 100-DMA and, in the last three sessions, it has taken support of the 100-DMA on the three occasions. Hence, in the coming session, the 100-DMA, which stands at 11,135, is likely to be a crucial support level and the next crucial support stands at 11,036, which is 200-DMA for the Nifty. Going ahead, a move above the 11,300 level is required to turn the bias positive.

Tata Chemicals: Tata Chemicals has announced the merger of its consumer products business with Tata Global Beverages.

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