D-street posted best weekly gains after almost 4 months : Epic Research

Mr. Mustafa Nadeem, CEO, Epic Research:

Nifty reclaims all time high and makes a new mark at 10191.9 posting second week of consecutive gains. D-street posted best weekly gains after almost 4 months. A long bullish candlestick on weekly basis with a new all time high is a positive sign for bulls while bears are trapped at lower levels as no respite for them is seen. A week that was dominated by bulls as Nifty also managed to clear its short term hurdles of 20/50 and 50 days EMA that were earlier resistance due to sell off we have seen in Last September expiry.

A lot of contribution was on the back of positive global cues from international market which were soaring towards all time high on the back of buying in small ad midcap space specifically from sectors such as Banking, oil and exploration companies and infrastructure. European markets also signaled a positive stance with DAX and other major indices trading near all time highs.

Domestic front was boosted with sentiments as IIP data came at 4.3% in Aug. It was at 9 month high as Industry production was up ahead of Festive season. It was encouraging since dismal data in June and July was seen as a result of disruption due to GST.

In short term we have seen resistance being broken and next resistance comes at 10260 - 10380. Momentum may pick up further incase we are seen with continuous buying from banking and metals. Support is now established at 10050 - 10090. Earlier these were resistances. We also would require a follow up buying in bluechip space. Market is also awaiting results from RIL which may give further boost to market sentiments as this rally was mostly led by its gains of more than a 100 points.

Source : Equity Bulls

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