Hot Stocks | Here's why Mphasis, Bharti Airtel and Titan Company are short-term bets
Episode 3212, Feb 04, 2021, 12:30 AM
Nifty has continued its bullish sentiments for the third consecutive day, closing at an all-time high level on February 3.
Nifty closed above 14,750 levels for the first time.
It has witnessed a sharp V-shaped reversal rally on the daily chart and closed above its 21-day exponential moving average.
India’s service sector expanded for the fourth consecutive month in January as business activities quickened and rising business optimism is set to sustain the growth momentum.
Momentum oscillator RSI (14) has given breakout above the downward slopping trendline and is currently reading above 60 levels with bullish crossover on the daily interval.
Bank Nifty has given a horizontal trendline breakout above its previous anchor point on the weekly timeframe and is currently trading in unchartered territory with a rise of more than 3,500 points in the previous three trading sessions.
The base support for Nifty has shifted above 14,500–14,600 levels and any dip near the said levels can be used as a buy on dips opportunity.
The index may touch the 15,000-mark in the coming trading sessions.