The market witnessed an overwhelming sustenance to breach its past week’s crucial resistance level seen at 9,850 to close above 9,900 level in current trading session.
On the backdrop of favourable earnings growth and positive cues on global events, the Nifty surpassed its 9,900 level to trade above its all exponential moving average on closing basis despite a marginal consolidation seen at a certain occasion.
On the daily chart, Nifty formed a strong bull candlestick pattern indicating an uptrend momentum in the upcoming session.
However, the breakout from current hurdle will be a crucial trigger for Nifty to trade around 10,000 mark in the near-term.
On the technical front, the RSI at 64 indicates a strong buying sentiment in the market, while the MACD at 87 which is above its Signal Line supports the next leg of rally.
Further, the EMA analysis indicates a strong uptrend momentum with crucial support level seen at 9,875, while the upper band will be resisted at 9,920 level.
With possibility of breakout from the upper band on the framework of succeeding the earnings expectation and favourable domestic data, the 10000 mark in near term can’t be ruled out in upcoming session.
Balaji Telefilms: BUY| Target Rs. 206 | Stoploss Rs. 175 |Upside 10%
Wipro: BUY| Target Rs. 307 | Stoploss Rs272 | Upside 7%
Coal India: BUY| Target Rs279 | Stoploss Rs250 | Upside 6%
Tata Motors: BUY| Target Rs485 | Stoploss Rs452 |Upside: - 5%
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