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economictimes.indiatimes.com / 1 year ago
livemint.com / 1 year ago
livemint.com / 1 year ago
livemint.com / 1 year ago
Top stock picks today: MarketSmith India's stock recommendations for 11 March
Subscribe to enjoy similar stories. Current market price: ₹1,752.35 | Buy range: ₹1,700–1,760 | Profit goal: ₹1,890 | Stop loss: ₹1,670 | Timeframe: 1–2 months Current market price: ₹340.25 | Buy range: ₹330–342 | Profit goal: ₹381 | Stop loss: ₹323 | Timeframe: 1–2 months Nifty 50 opened on a mildly negative note and experienced volatility throughout the trading session. The index tested its 21-day exponential moving average (EMA), currently positioned around 22,682.
However, it faced resistance at this level, leading to profit-booking. As a result, the market formed a bearish candle with a long upper shadow, indicating selling pressure at higher levels. Market breadth remained weak, with the advance-decline ratio settling around 1:4.
Nifty FMCG was the sole gainer among sectoral and broader market indices. Nifty Realty, Energy, Auto, and Metal were the worst performers, each declining more than 1%. Also read: Chhaava’s success fails to awaken animal spirits in PVR Inox stock From a technical standpoint, the 14-day relative strength index (RSI) remains in the bearish zone, with its slope turning negative and currently positioned around 38-39.
The moving average convergence divergence (MACD) exhibited a positive crossover and continued to trend below the central line. Following O'Neil's methodology of market direction, MarketSmith India shifted the market status to ‘rally attempt’ from ‘downtrend’ last Thursday. From here, we would prefer to see a follow-through day or Nifty scaling a new high before upgrading the status to ‘confirmed uptrend’.
On the flip side, if Nifty breaches its recent low of 47,841, the market status will revert to ‘downtrend’. Looking ahead, the 21-EMA remains a critical level to monitor. A
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