The domestic equity market swung into the positive territory on Tuesday – the first trading day of 2019 - after trading in the red for most part of the session. For the calendar year 2018, the benchmark indices Sensex and Nifty added 6 per cent and 3 per cent, respectively.
Here’s a look at the two indices that, according to technical charts, are likely to perform in the new year -
Nifty Financial Services: The index is currently trading 2.65 per cent lower than its lifetime high of 11,855.20. On the daily chart, the index has formed "Higher highs, higher lows" on closing basis. The weekly chart suggests support of 100-weekly moving average (WMA), trading above January 2017.
The 50-day moving average (DMA) made a "Golden Crossover" with 200-DMA and is likely to cross 100-DMA soon, currently located at 11,120. The index is trading its 200-DMA, placed above 10,850 - 10,970 levels, since the last 32 sessions. The lower rising trend line support comes at 11,200 and resistance at 12,100 levels.
|
Stocks |
CMP |
LIFETIME HIGH |
Close to Life Time High ( 5 per cent) |
|
1961.95 |
2051 |
-4.34 |
|
2113.8 |
2219.05 |
-4.74 |
|
358.6 |
375.25 |
-4.44 |
|
Stocks |
CMP |
LIFETIME HIGH |
Close to Life Time High ( 15 per cent) |
|
625.65 |
676.9 |
-7.57 |
|
6430.2 |
7200 |
-10.69 |
|
2966.55 |
3295 |
-9.97 |
|
2630.35 |
2995.1 |
-12.18 |
|
1249 |
1424 |
-12.29 |
|
470.25 |
537.5 |
-12.51 |
Nifty Next 50: The index is hovering around 100-DMA located in the range of 28,050 - 28,100 levels. The recent reversal from 27,137 indicates support of 50-DMA at 27,000 levels as per the chart. The immediate resistance stands at 28,550, its 200-DMA on the daily chart. The index needs to conquer 28,550 - 28,650 levels with strong volumes. Also, follow-up buying may lead the index to 31,000 levels, chart suggests.
The weekly chart also indicates struggle at the current range of 28,060 - 28,110 levels, its 100-WMA. A positive close above the range will fuel more buying in the index, chart suggests.
|
Stocks trading above 200 DMA |
||
|
Stocks |
CMP |
200-DMA |
|
1325 |
1286.46 |
|
1480.05 |
1470.74 |
|
222 |
219.16 |
|
732.9 |
666.40 |
|
624.85 |
621.69 |
|
19607.9 |
18890.71 |
|
3115 |
2927.86 |
|
1317 |
1145.12 |
|
682.75 |
646.58 |
|
425.05 |
393.19 |
|
1590.9 |
1476.44 |
|
809 |
783.84 |
|
691.15 |
600.29 |
|
277.6 |
272.43 |
|
862.05 |
785.23 |
|
1173.55 |
1094.87 |
|
840.1 |
839.90 |
|
373.3 |
338.04 |
|
26.05 |
25.57 |
|
226.25 |
217.88 |
|
9803.75 |
9707.59 |
|
1099.8 |
1067.17 |
|
16992 |
16489.26 |
|
1055.7 |
999.59 |