On the Sensex, the daily chart 60 minute chart ‘bullish island’ had been formed with support at the lower band ie 15275, a bullish sign for the market. Nifty is currently trading above 20 daily moving average (DMA) and 40DMA ie 4561 and 4479 respectively, which are crucial support levels going forward. The momentum indicator (KST) has given positive crossover and trading above the zero line.
On the hourly chart, Nifty is trading above 20 hourly moving average (HMA) and 40HMA ie 4667 and 4576 respectively, which are strong support levels in the immediate run. Our short-term bias is up with reversal at 4350 and target
at 4780. The market breadth was positive with 675 advances and 584 declines on the NSE and 1,534 advances and 584 declines on the BSE.
For the day, Nifty and BSE ended 44 points and 141 points higher respectively. Of the 30 stocks that constitute the Sensex, DLF (up 5%) and Bharti Airtel (up 4%) were the top gainers, while Tata Power (down 1.5%) and Ranbaxy Laboratories (down 1.5%) were the top losers. Metal and Infrastructure scrips saw buying interest today.
Market Breadth
                       BSE             NSE
Advances       1,534           675
Declines         1,249           584
Unchanged     72                35
Volume (Rs)   6,534cr       18,329cr
 
Technical Overview of Market at the end of week: Read more>>>>>Download