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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
livemint.com / 1 year ago
Top stock picks today: MarketSmith India's stock recommendations for 12 March
Subscribe to enjoy similar stories. India's benchmark index, Nifty 50, stayed strong despite the global market concerns and ended on a flat note in Tuesday's trading session. Taking cues from the global market, the indices opened with a gap down at 22,345 after recession fears triggered a sell-off in the US and Asian markets.
However, the index managed to pare all losses and closed near the day’s high at 22,498. As a result, the index formed a bullish candle with a lower-high and lower-low price structure on the daily chart. Market breadth remained weak, with the advance-decline ratio settling at approximately 1:2.
Among sectoral indices, Bank Nifty, IT, Auto, and FMCG closed in negative territory. Nifty Realty, PSE, Financials, and Metal gained the most. From a technical standpoint, the 14-day relative strength index (RSI) remains in the bearish zone, with its slope turning sideways and currently positioned around 41-42.
Additionally, the moving average convergence divergence (MACD) has exhibited a positive crossover; it continues to trend below the central line. Following O'Neil's methodology of market direction, MarketSmith India shifted the market status to a ‘rally attempt’ from a ‘downtrend’ last Thursday. From here, we would prefer to see a follow-through day or Nifty scaling a new high before upgrading the market to a ‘confirmed uptrend’.
On the flip side, if Nifty breaches its recent low of 47,841.30, the market status will revert to a ‘downtrend’. Looking ahead, the 21-EMA is a critical level to monitor which is currently placed around 22,670. A sustained move above this level could pave the way for an upward trajectory toward 22,850–23,000 in the coming day(s).
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