"Nifty is heading towards 10430-10480 levels i.e. 100 and 50 SMA respectively. It might face minor hurdle around 10375 zones," says Rajesh Agarwal of AUM Capital.
By Rajesh Agarwal
Benchmarks traded on a firm note throughout the day and ended with gains after the Reserve Bank of India kept the repo rate unchanged at 6% in the first Monetary Policy Committee (MPC) meet of FY19.The market breadth was in favour of advances with 6 stocks advancing against one declining one.
Among other economic data, India's services industry returned to growth in March as new business picked up on improved demand, a private survey showed on Thursday, and encouraging firms to hire at the fastest pace in nearly seven years.
After taking a big hit in February, the Nikkei/IHS Markit Services Purchasing Managers' Index managed to narrowly push back above the 50-mark that separates growth from contraction, rising to 50.3 last month from 47.8.
Nifty has given a breakout from a 'Descending Channel' on daily time frame indicating a possible change in short term trend. It has formed 'Bullish Marubozu' candlestick pattern suggesting buyers’ maintained control of the price throughout the day, from the opening bell to the close. It is heading towards 10430-10480 levels i.e. 100 & 50 SMA respectively. It might face minor hurdle around 10375 zones (61.8 percent Retracement level on hourly chart). Furthermore, Oscillators are in bullish mode.
Nifty Bank continues its up-move after reverting back to the 'Falling Channel'. It opened with gap-up and continued to move higher to close at 24759.80 Up 2.61 per cent. Index is currently trading around its major moving average of 200 SMA i.e. around 24870 levels. Now Nifty Bank has to cross this level decisively for further up-move. Next Hurdles stands around 25320-25430 levels.
Moreover, Momentum Oscillators like RSI & MACD are rising from support zone which is a bullish set-up.
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