Hot Stocks | Infosys, Nippon Life two buy calls for the short term; a sell call for Jubilant Foodworks
Episode 2666, Jul 02, 2020, 12:30 AM
The benchmark index Nifty finally witnessed a breakout of a range on July 1.
For the last four trading sessions, Nifty had been forming a basing pattern near 10,200 level and witnessed strong support.
Market breadth remained in favour of bulls. For every three gainers, there were a couple of losers.
Nifty has formed a rising channel formation while Nifty future has formed a rising wedge pattern on the daily interval.
At present, Nifty is trading in a rising channel pattern and has settled well above its 21 and 50-day exponential moving averages on the daily chart.
The conjunction of moving average and lower band of the rising channel are coinciding at 10,100 -10,000 levels.
Indian bourses are currently capped under the 50week exponential moving average which is placed at 10,600 odd levels.
The break of 10,550 – 10,600 level will open the gate for 11,000 level in the coming trading sessions. In case the index violates 10,000, a sharp decline will take place which could drag the index towards 9,700 – 9,500 levels.