Live
- India Faces Blow as Pacer Mohammed Shami Ruled Out for Remainder of Australia Series
- Biden Pardon: Joe Biden Commutes Death Sentences of 37 Inmates, Including Child Killers and Mass Murderers
- South Korea: Yoon believes impeachment trial takes priority over martial law probe
- Strict Action for Non-Adherence to Time Management - DMHO Dr. Swarajya Lakshmi
- Over 13.29 lakh houses approved for rural poor in Maharashtra: Shivraj Chouhan
- District Collector Urges Timely Completion of Indiramma Housing Scheme Survey
- Digital Arrest Scam: Hyderabad Man Duped of ₹7 Lakhs by Fake Crime Branch Police Callers
- Sukhbir Badal seeks President's Police medal for officer who saved his life
- US Firm Accordion Acquires Merilytics, Launches 1,500-Seater Office in Hyderabad
- Free Medical Camp Organized by Alampur Advocate Bar Association
Realty to lead market in short term
Realty to lead market in short term
The third day of positive gains on an overnight basis and sustaining the gap brings the Nifty50 to close above 50 Days MA and 20 MA.
The third day of positive gains on an overnight basis and sustaining the gap brings the Nifty50 to close above 50 Days MA and 20 MA. The change in 20 also signals the trend has been up for the short term while 50 MA is yet to signal the same. Anyhow, it is a boost for momentum traders to break the range which has been there, though, we need to see a follow-up buying.
Nifty as per candlestick charts, has made a pattern which is called Spinning Top. It is a single-line candlestick pattern that indicates despite a wide range of movement between bulls and bears, the closing was near the opening of the day making a small body. This indicates a halt or exhaustion of bulls. Hence it is very important to see how Benchmark Open and behaves in the early one hour of price action. Reliance continues to lead the spot as a top contributor followed by HDFC, ICICI, and Infy. Private Banks, NBFC, and Oil were the major sectors that are leading while metals have seen some correction as they have been on a ride for quite some time now.
A detailed analysis of RRG displays Realty to lead in the short term while Auto, Pvt Banks, banking stocks, financial services, and PSU Banks continue to be improving the sector. It would be important if BankNifty can outperform the benchmark in short term.
(The author is Technical Analyst at Finversify)
