Ahead of Market: 10 things that will decide stock action on Monday
economictimes.indiatimes.com
Both the NSE Nifty 50 index and BSE Sensex rose about 2.3% in the week, extending gains for the seventh consecutive week, marking their longest winning run since January 2018.
IT companies, drawing a significant share of their revenue from the US, rallied 7.16% this week, logging their best week in 26 months.
Here's how analysts read the market pulse:
«The prevailing sentiment appears strongly in favor of the bulls, as indicated by the absence of any reversal signals on the technical charts. Resistance is observed at 21,500, while a potential further rally in the Nifty could occur upon breaching this level.
Support is currently positioned at 21,300,» said Rupak De, LKP Securities.
Jatin Gedia, Sharekhan, said, «On the daily charts we can observe that the Nifty has been stretching higher towards 21500. The rally has been perpendicular in nature and still we see no signs of weakness on the price front.
The daily momentum indicator has a positive crossover however it has not registered a new high indicating that a negative divergence is in process. However, until we get signs of weakness on the price front we shall continue to ride the upmove.
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