Hot Stocks | Here's why Deccan Cements, LIC Housing Finance and ICICI Lombard are short-term bets
Episode 3039, Nov 17, 2020, 12:30 AM
Last week, the market registered a new high of 12,769.75 which was followed by some consolidation ahead of the Muhurat trading session.
Eventually, the market concluded above the 12,700-mark by adding nearly four percent on a weekly basis.
In the next-to-last week, we had witnessed a ‘Bullish Flag’ breakout around 12,050 and since then, the market never looked back.
With its marathon rally in merely eight days, markets are very much in a commanding position.
From hereon, we can see a brighter picture till the next Samvat.
Looking at the daily chart, we can observe a couple of encouraging developments on charts.
The ‘RSI-Smoothened’ is moving northwards after entering the bullish territory above 70 and adding to this, the ‘ADX (14)’ is becoming stronger as we can see its value rising well above the 25-mark.
Generally, when we see these conditions together, it provides impetus to the rally.