While NIFTY managed to close above 5700 after 60 days of trading, there is not much strength left for the index to make further up moves. Volumes have began their downward journey from the last session, though we did not have any big improvement in the previous sessions too. 5800 will pose a strong resistance for the time being, while there can be long trade opportunities in the hourly chart which has closed below its EMA for the first time after the current rally began 5 days ago.
The rollover session tomorrow will see frenzied activity with Nifty settling into a range. Our long trade on Nifty in the trend following system has covered 350 points in peak gains so far and is holding up for further moves and direction.
All of the sectors have closed positive today, but we can see weakness setting in, in a slow phase. Major number of stocks in each sectors apart from Telecom have closed negative, whereas the leaders are holding ground. On the average indices side, our India King's Index of top stocks in each sector is lagging the Nifty and Sensex after 4 straight days of up move.
Telecom stocks are showing renewed strength, most of the prominent one's in this list have moved out of their base by more than 10%, but still we do not see any big moves happening here as this sector is lagging market support for quite a long time.
Banking Index turned into a new bullish trend after being in non-trend for 26 trading days & is likely to continue further. Earning season which is about is start shortly has more expectations built in to give the much needed push to the presently lack lusture markets.
The rollover session tomorrow will see frenzied activity with Nifty settling into a range. Our long trade on Nifty in the trend following system has covered 350 points in peak gains so far and is holding up for further moves and direction.
All of the sectors have closed positive today, but we can see weakness setting in, in a slow phase. Major number of stocks in each sectors apart from Telecom have closed negative, whereas the leaders are holding ground. On the average indices side, our India King's Index of top stocks in each sector is lagging the Nifty and Sensex after 4 straight days of up move.
Telecom stocks are showing renewed strength, most of the prominent one's in this list have moved out of their base by more than 10%, but still we do not see any big moves happening here as this sector is lagging market support for quite a long time.
Banking Index turned into a new bullish trend after being in non-trend for 26 trading days & is likely to continue further. Earning season which is about is start shortly has more expectations built in to give the much needed push to the presently lack lusture markets.
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