Indian markets likely to continue bull momentum, Sensex and Nifty targets revised upwards thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
The Nifty has reached a fresh lifetime high above the 19,000 level, forming a long bull candle on the daily chart. The positive chart pattern indicates a higher top formation, but the higher top reversal has not been confirmed. The support levels are at 18,888 and 18,777, while resistance levels are at 19,200 and 19,250. Volatility is holding below 11, supporting bullish sentiment. Option data suggests a trading range between 18,600 and 19,300. Traders are advised to stay upbeat and focus on beaten-down sectors.
Market Wrap: Domestic benchmark indices finish higher led by gains in HDFC twins, SBI, and Bharti Airtel. Banking, financial services, real estate, and IT stocks traded higher, while FMCG, auto, and oil & gas stocks traded lower. Asian markets were mixed.
Cooling volatility, rising Put-Call Ratio, increasing FII Long-Short Ratio trend, and build-up of longs in May expiry, indicate that the Nifty uptrend is intact and the overall sentiment is positive.
Index Consolidates Amidst Buying Momentum In Midcap Stocks businessworld.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessworld.in Daily Mail and Mail on Sunday newspapers.