Sunday, Jun 07, 2020 | Last Update : 12:41 AM IST

74th Day Of Lockdown

Maharashtra80229286942849 Tamil Nadu2869415762235 Delhi2633410315708 Gujarat19119130111190 Rajasthan100847359218 Uttar Pradesh97335648257 Madhya Pradesh89965878384 West Bengal73032912366 Karnataka4835169357 Bihar4598223329 Andhra Pradesh4250256573 Haryana3597120924 Telangana32901627113 Jammu and Kashmir3142104835 Odisha247814819 Punjab2415204347 Assam19894434 Kerala170071215 Uttarakhand115328610 Jharkhand7642975 Chhatisgarh6781892 Tripura6221730 Himachal Pradesh3691636 Chandigarh3022225 Goa126570 Manipur124110 Puducherry90330 Nagaland8000 Arunachal Pradesh3710 Meghalaya33131 Mizoram1710 Sikkim200

Short-term trend stays positive

THE ASIAN AGE. | ASHWIN J PUNNEN
Published : Mar 14, 2019, 2:43 am IST
Updated : Mar 14, 2019, 2:43 am IST

The broader market also saw buying interest with the BSE Mid-Cap and Small-Cap indices ending in the green.

The global factors like the Brexit woes caused volatility in the market but the positive domestic cues supported the indices.
 The global factors like the Brexit woes caused volatility in the market but the positive domestic cues supported the indices.

The market closed higher on Wednesday after a volatile trading session, with the Sensex gaining 217 to close at 37,752 points on the back of buying in financials and energy stocks. The Nifty closed at 11,341, up 41 points as blue-chips like IndusInd Bank, Yes Bank, Reliance and Axis Bank helped the index to close higher.

The broader market also saw buying interest with the BSE Mid-Cap and Small-Cap indices ending in the green.

The global factors like the Brexit woes caused volatility in the market but the positive domestic cues supported the indices.

Domestic inflation continue to undershoot RBIs target level while weak industrial growth increased the prospects for further action from RBI. On the global front, the defeat of Theresa May's latest version of Brexit deal is creating uncertainties in UK's economic growth while haven asset like gold inched higher, analysts said.

Technical View

After showing a sharp upmove in the last couple of sessions, the Nifty shifted into consolidation today as it closed with modest gains.

"A small body positive candle has been formed today with long lower shadow. Technically, this formation indicates a hanging man type pattern. Normally, the hanging man patterns signal word of caution for long positions at the highs. But, confirmation of weakness is required to call this as a reversal, said Nagraj Shetti, Senior Technical & Derivative Analyst, HDFC Securities.

"Hence, the short-term trend of the Nifty continues to be positive. Next upside resistance to be watched at 11,450 levels,” he further said.

Some experts feel that the Nifty has given a strong breakout and is expected to remain strong going ahead. The broad based participation is seen which is supportive of the positive outlook.

Tags: nifty, sensex updates, hdfc securities
ADVERTISEMENT
ADVERTISEMENT