Today stock market opens on positive note. Nifty touched one month high in the first hour of the session. Technically on intraday after a sharp pullback market holding higher high and high low which is largely positive. Most of the sectors are in positive and posted decent gains. With the help of technical analysis we can observe that nifty has closely in resistance zone. In that day when I take trades in option trading if you hold your position for long time with retrailing the stop loss you are definitely in profit. It is good signal for future growth.
Kotak Mahindra Bank, JSW Steel, Eicher Motors, Bajaj Auto and Tata Steel were among the major gainers on the Nifty, while losers were HCL Technologies, TCS, Infosys, Asian Paints and Wipro. When some sectors are in profit some are in loss.
We can say that it is the month of win win situation. Banking was the leading sector for today’s upside, with the Bank Nifty climbing 532 points or 1.3 percent to 41,366. The index has seen a breakout of the long downward sloping trend line adjoining multiple touch points on the higher side from December 15 last year till April 6 this year, but formed a Hanging Man kind of pattern formed on the daily charts, which is a bearish reversal candlestick usually formed at the end of an uptrend. We hope this month is good month for trading.
Auto, financial services, metal, bank, pharmaasuitials and oil & gas stocks helped the market close higher. The Sensex up to 144 points to 59,833, while the Nifty climbed gained over 40 points to end at 17,599 and formed a bullish candlestick on the daily charts. Sensex continues for 7th straight session, ends 311 pts higher; Nifty above 17,700; Tata Steel gains 3%, ITC 2%.