NIFTY forms RSI divergence! Rallies more than 1.5% today
Nifty - Technical Analysis:
-Nifty logs a gain of 171 points, or 1.52 percent, to settle at 11,449.25
-RIL jumped over 7%
-It gaped above 11300 based on recovery in US markets after the selloff a few days back, we can see resistance at 11600 and index would need to cross above resistance zone before seeing upper levels.
Market - Driving Factors:
-Nearly 100 stocks, including Reliance Industries, Asian Paints, Tata Elxsi, Granules India, Infibeam Avenues, Laurus Labs, Adani Gas and Adani Green Energy, hit their 52-week highs on BSE.
-The Indian stock market traded higher, boosted by gains in shares of heavyweights such as Reliance Industries, Axis Bank and Asian Paints.
-Nifty Metal fell over a percent while the Pharma index settled flat. Nifty PSU Bank index jumped over 2 percent higher.
-RIL zoomed 7% as Reliance Industries' plan to sell a stake in its retail subsidiary at an equity valuation of Rs 4.21 lakh crore and its proposed acquisition of Future Group's retail businesses will solidify RIL's position in India's organised retail market and strengthen its consumer business.
Nifty - Outlook for Friday, 11th September:
NIFTY has come above the resistance at 11300 and showed strong trend intraday with support of index heavy weights. NIFTY also observed a RSI divergence as RSI makes new high but price didn't which is a bearish signal. We can see index consolidation before a move either side.
-Nifty logs a gain of 171 points, or 1.52 percent, to settle at 11,449.25
-RIL jumped over 7%
-It gaped above 11300 based on recovery in US markets after the selloff a few days back, we can see resistance at 11600 and index would need to cross above resistance zone before seeing upper levels.
Market - Driving Factors:
-Nearly 100 stocks, including Reliance Industries, Asian Paints, Tata Elxsi, Granules India, Infibeam Avenues, Laurus Labs, Adani Gas and Adani Green Energy, hit their 52-week highs on BSE.
-The Indian stock market traded higher, boosted by gains in shares of heavyweights such as Reliance Industries, Axis Bank and Asian Paints.
-Nifty Metal fell over a percent while the Pharma index settled flat. Nifty PSU Bank index jumped over 2 percent higher.
-RIL zoomed 7% as Reliance Industries' plan to sell a stake in its retail subsidiary at an equity valuation of Rs 4.21 lakh crore and its proposed acquisition of Future Group's retail businesses will solidify RIL's position in India's organised retail market and strengthen its consumer business.
Nifty - Outlook for Friday, 11th September:
NIFTY has come above the resistance at 11300 and showed strong trend intraday with support of index heavy weights. NIFTY also observed a RSI divergence as RSI makes new high but price didn't which is a bearish signal. We can see index consolidation before a move either side.
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