DSIJ Mindshare

The stock reached near its downward sloping trendline resistance formed by connecting swing highs from September 2017, on the weekly time frame. 

The stock Cummins India Limited formed an outside bar resembling a Bullish Engulfing pattern on the weekly time frame, which indicates bulls were in a dominant position.

Going ahead, we expect Nifty to continue its upside momentum; however, the level of 10,882 is likely to act as an immediate resistance.A breach of this resistance will allow the index to scale towards the zone of 10,920-10,950. On the flip side, the gap area which was formed on December  27 (10747.50-10764.45) is likely to act as support for the index. 
Stocks in news: Tata Steel Ltd, Rane (Madras) Ltd, Lemon Tree, Tata Power, Selan Exploration Technology, Kansai Nerolac Paints, Suven Life Sciences.

Indian markets are expected to extend their jubilant run, shrugging of mixed cues from the Asian peers. The SGX Nifty indicates that Nifty could open around the level of 10,867, with a gain of 58 points.    

The level of 10,770-10,780 is likely to act as a strong barrier for the index as the 200-day simple moving average is placed in this region. A sustainable move above these levels would lead to an extension of the rally up to the levels of 10830-10840. Stocks in News: Sun Pharma, Tata Global Beverages Ltd, NTPC Ltd, Shanti Gear, Vardhman Poly, Alphageo.