Markets are geared up for a bull-phase
Published On: Thursday, April 29, 2021 | By: Team KnowMyStock
Indian benchmark indices extended their bull run to the fourth straight day today(29th April 2021) supported by the US Fed decision to keep policy loose and firm global markets cues. Starting gap-up, frontline indices reclaimed major psychological marks in the early deals with the S&P BSE Sensex reclaiming the 50,000 marks. Profit booking, mainly in banking counters, saw the frontline index give up some of its gains as trading progressed. There are indications that the markets will continue their journey north, as long as global and domestic cues remain supportive. S&P BSE SENSEX has scaled the resistance range of 50,270 with an intra-day high of 50,375 on Thursday
Similarly, the 50-days moving average, which stands at 49,846, has also been conquered. This shows the strong upward strength in the index. Going forward, the positive bias should prevail despite intermittent corrections and the index can move up to 51,000 and then 51,800 levels, which are the next resistances for the 30-share index. The support comes in at 100-DMA, which is located at 48,913. Till this support is held, the medium-term outlook remains highly bullish.
Likely target: 51,000 and 51,800
Upside potential: 2.22% - 3.83%
NIFTY50 index has scaled the sentimental mark of 15,000 after firmly closing above 50-DMA, as per the daily chart.
This suggests the overall trend can witness buying momentum in the days ahead. The index is heading towards 15,250 to 15,350 levels, which are its next resistance mark. The Relative Strength Index (RSI) has conquered 53 values, indicating strength. The medium-term outlook is bullish until the index is able to defend 14,444 level, which is its 100-DMA.
Likely target: 15,250 to 15,350
Upside potential: 2.24% - 2.91%
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