Today's Opening - 10,615
Today's High - 10,620
Today's Low - 10,545
Today's Closing - 10,585
I am writing on the Nifty after a gap of more than seven years.
Last three days have been the best closing since 4th Oct. After 3rd Sep, the 20-day Commodity Channel Index had been continuously negative till 31st Oct. The CCI has been positive throughout Nov till date.
The 10-day Rate Of Change too has been negative during 4th Sep-31st Oct. The ROC has been positive in Nov.
After dropping below the 5-day Exponential Moving Average on 3rd Sep, the Nifty has decisively broken above the 5-day EMA on 29th Oct.
The 2-day Relative Strength Index had been below 50 since 10th Sep and came back above 50 only since 2nd Nov.
However, the 12, 26-day Moving Average Convergence Divergence which has been negative since 18th Sep, continues to remain negative in Nov too. Just that it has improved from below -275 in Oct second week to just below -40 today.
The Nifty is poised for an upward movement. 10,710 is the next resistance for the index, post which it can quickly run up to 11,140. 10,330 will act as the support level. Fantastic opportunity to book partial profits in Tech Mahindra, HUL and Axis Bank.
Today's High - 10,620
Today's Low - 10,545
Today's Closing - 10,585
I am writing on the Nifty after a gap of more than seven years.
Last three days have been the best closing since 4th Oct. After 3rd Sep, the 20-day Commodity Channel Index had been continuously negative till 31st Oct. The CCI has been positive throughout Nov till date.
The 10-day Rate Of Change too has been negative during 4th Sep-31st Oct. The ROC has been positive in Nov.
After dropping below the 5-day Exponential Moving Average on 3rd Sep, the Nifty has decisively broken above the 5-day EMA on 29th Oct.
The 2-day Relative Strength Index had been below 50 since 10th Sep and came back above 50 only since 2nd Nov.
However, the 12, 26-day Moving Average Convergence Divergence which has been negative since 18th Sep, continues to remain negative in Nov too. Just that it has improved from below -275 in Oct second week to just below -40 today.
The Nifty is poised for an upward movement. 10,710 is the next resistance for the index, post which it can quickly run up to 11,140. 10,330 will act as the support level. Fantastic opportunity to book partial profits in Tech Mahindra, HUL and Axis Bank.
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