Hot Stocks: A close above life highs would take Nifty50 towards 12,300
Episode 1870, Nov 07, 2019, 02:00 AM
Benchmark index witnessed a sharp V-shaped rally on an intraday day basis after witnessing a negative opening and closed a day at 11,966.05 with a gain of 48.85 points.
It formed a bullish candle which has shown a positive thrust on a daily charting hinting for strong bullish momentum ahead. After 29th October, the index was trading in a narrow range with continuous closing above 11,700 levels.
On the daily timeline, the index has vanished its previous day’s bearish candle and has opened the broader market range.
The majority of sectoral indices are contributing to the move and we feel banking and Auto could outshine others in the near future.
Due to recent breakout in the Nifty50, its key technical indicators are in favour of bulls, hence our bullish view will remain intact, but near-term consolidation cannot be ruled out before hitting a lifetime high.