Stock News: Equity benchmark Sensex climbed 157 points on Thursday with gains recorded in Reliance Industries, ITC and L&T amid positive trend in global markets. The 30-share Sensex closed at 58,807.13 points, up 157.45 points, or 0.27 per cent. Similarly, the NSE index Nifty gained 47.10 points, or 0.27 per cent, to close at 17,516.85.
Nifty Fifty has formed a common Dragonfly Doji pattern on the Daily chart. The stock market swinging between the red and green marks on Thursday has finally managed to close in the green mark.
Gaurav Ratna Parkhi, Head, Technical Research, Sharekhan said, “Nifty Fifty today has seen a tough fight between the bears and the bears. After this Nifty has been able to maintain the level of 17500-17600. The moving average has reached the critical level.
Nifty will rise in this condition
Mazhar Mohammad of chartview india.in said that generally a formation like dragonfly doji is formed around the turning point. He said, “For further upside in Nifty, it is necessary that it should remain above the mark of 17379. Along with this, it must remain above the level of 17540 for trading. If this happens then nifty50 on Friday at 17800 level can grow like that.”
US market condition
Weakness was recorded in the US stock markets on Thursday. After three consecutive days of rapid growth, the focus has now increased on the Corona crisis and economic data. This may affect the policies of the US central bank, the Federal Reserve.
Which stocks are showing signs of bullishness?
According to Momentum Indicator Moving Average Convergence Divergence or MACD, shares of ITC, PNB, Network 18, tv18 broadcast and Tata Motors are expected to rise.
Which stocks will fall
On the basis of Momentum Indicator Moving Average Convergence Divergence or MACD, weakness in KPIT Tech, Energy Development, Pilani Investment, CCL Products and Polymedicure can be registered.
nifty at turning point
Analysts say that nifty50 has reached the turning point. If nifty50 closes above the mark of 17600 on Friday, then now it can touch the level of 18000 mark soon. Analysts say that if it closes below 17379, then it can test the level of 17300 in the coming days.
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