DSIJ Mindshare

Indian equity market scaled new highs on the first day of the fiscal year 2020. Following global cues, the BSE Sensex and Nifty50 were up 0.81 and 0.62 per cent in the morning session on Monday.

Overall volumes in futures & options currently stand at 72.28 lakhs contracts with a turnover of Rs. 4,97,595.29 crore.

Overall volumes in futures & options currently stand at 72.28 lakhs contracts with a turnover of Rs. 4,97,595.29 crore.

Considering the daily time frame, the index has formed a reversal hanging man candlestick pattern. Additionally, the sectoral sentiment indicators suggest extreme overbought for the index as all the stocks are trading above its 200-day simple moving average, which suggest index is likely to witness some consolidation in coming days.

The Friday’s session low of 11,570 is very crucial for the bulls, as holding about this level would enable Nifty to challenge its record high level of 11,760. On the other hand, a failure to hold this support would invite some profit-booking, in which case the level of 11,520 may provide support. Stock in news: Welspun Corp, Cipla, Titan, Jindal Drilling and Industries, Inox Leisure, Tata Motors, EIH Associated Hotels, Mahindra and Mahindra, SRF.