Benchmark indices maintain positive momentum
Since yesterday, the benchmark indices have maintained positive momentum Sensex was up by 560 points. Among Sectors, almost all the major sectoral indices were traded in to the positive territory but PSU Banks gained the most rallied over 3 per cent
Decline in volatility index indicates low downside risk to market
Mumbai, Apr 23: Since yesterday, the benchmark indices have maintained positive momentum Sensex was up by 560 points. Among Sectors, almost all the major sectoral indices were traded in to the positive territory but PSU Banks gained the most rallied over 3 per cent.
Technically, after a gap opening the market held the positive momentum throughout the day, which is largely positive. For trend following traders now, 50 day SMA (Simple Moving Average) or 73,100 would act as a key support zone,” says Shrikant Chouhan, Head Equity Research, Kotak Securities:
As long as the index is trading above the same, the pullback formation is likely to continue. On the higher side index could find the resistance at 73,900-74100. However, below 73,100 the sentiment could change. Below which we could see one quick correction up to 72,800-72,600.
Despite sticky inflation and geopolitical tensions, Dalal Street remains bullish as declining oil prices signal limited escalation in Iran-Israel tensions.
“This week, focus is on US GDP and PCE inflation reports Today's attention is on Q4 results of ICICI Prudential Life, M&M FINANCE, TATA CONSUMER, TATA ELXSI, and MCX,” says Prashanth Tapse, Senior VP (Research), Mehta Equities.
Bullish outlook on stocks like CUMMINS, TCS, BANK OF BARODA, SBI, and SENCO GOLD, particularly CUMMINS with momentum play potential
