Indian market rallied for the fourth consecutive day in a row on Wednesday pushing Nifty50 above 11,900 levels.
Let’s look at the final tally on Wednesday – Sensex ended at 40,707.31, with a gain of 163 points or 0.40 percent while Nifty settled 41 points, or 0.34 percent higher at 11,937.65.
Among the sectoral indices, BSE Realty surged 4.39 percent while Telecom and Metal rose 2.52 percent and 2.26 percent, respectively.
ACC which hit a fresh 52-week high closed with gains of over 2 percent, Newgen Software rallied more than 9 percent to a new 52-week high of Rs 269 and Ester Industries was locked in upper circuit of 20 percent on Wednesday.
We have collated views of experts on what investors should do when the market resumes trading on Thursday, 22 October:
Expert: Ashish Chaturmohta, Head of Technical and Derivatives, Sanctum Wealth Management
The stock has seen a good recovery from lower levels and is now trading at a 52-week high. Volumes have been high on the up move indicating buying participation in the stock.
As long as prices hold above Rs 1560, the rally could continue towards 1680 and then towards 1750 levels on the upside.
ADX line indicator of trend strength has moved above the neutral level of 25 along with rising Plus directional line on the daily chart. On the downside, support is seen at Rs 1560 and then towards Rs 1510 levels.
The stock has been in an uptrend forming a higher top and higher bottoms on the daily chart. But, the stock has reached a key resistance zone of Rs 250-265 and then saw profit-booking coming in after hitting a high of 269.50.
Now, it needs to cross and sustain above Rs 265 for the uptrend to continue towards Rs 312 levels. On the downside, support is seen Rs 230-220 levels.
The stock has been in an uptrend forming a higher top and higher bottoms on the daily chart. Volumes have been high on the up move indicating buying participation in the stock.
On the daily chart, the stock has given a breakout from the pole and flag pattern which is a bullish continuation pattern.
On the long-term monthly chart, the stock has given a breakout above the multi-year of Rs 108 and closed above it with strong momentum and high volumes.
If the stock holds above Rs 100 levels, expect the uptrend to continue towards Rs 140 odd levels. Momentum indicators are in bullish mode on short-term as well as long-term chart.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Credit: MoneyControl