Published February 01, 2019
The market rallied on Thursday, and Nifty 50 (NIFTY) closed at 10831 points after an increase of 1.68 per cent. The index has never gained more in one day since Dec 12, 2018, when it was up 1.79 per cent. For January as a whole the index showed only a slight change of -0.29 %.
855 shares showed a gain and 612 showed a loss. 75 shares were unchanged and closed at the same price as the previous day. There was no trading in 260 shares.
Value of the total volume of shares and primary capital certificates traded Thursday was approximately 438.4 billion.
Among the big liquid stocks there are two which have given upside breakout from price formations.
Investors have paid higher prices over time to buy Reliance Industries Limited and the stock is in a rising trend channel in the medium term. Rising trends indicate that the company experiences positive development and that buy interest among investors is increasing.
It also gave a positive signal from an inverse head and shoulders formation at the break up through the resistance at 1174. Further rise to 1330 or more is signaled. The stock has support at rupee 1100 and resistance at rupee 1320.
Positive volume balance indicates that volume is high on days with rising prices and low on days with falling prices, which strengthens the stock. The stock is overall assessed as technically positive for the medium term.
Recommendation one to six months: Positive
Info Edge (India) Limited is in a rising trend channel both in the medium and long term charts. This indicates that the company is experiencing positive growth and indicates further rise.
Recently a new buy signal was established as the price broke out from a rectangle formation and breached above its resistance of 1670. Further rise to 1954 or more is signaled. There is support around 1670-1630, and further down at 1430 rupees.
Positive volume balance indicates that buyers are aggressive while sellers are passive, and strengthens the stock. RSI above 70 shows that the stock has strong positive momentum in the short term.
Recommendation one to six months: Positive
Stocks like TCS and INFY are trading very close to their resistance. One can keep a close eye on them in case of any price breakouts.
The analyses are based on closing price as per January 31, 2019. Maintaining proper stop loss is always recommended.
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The content provided by Investtech.com is NOT SEC or FSA regulated and is therefore not intended for US or UK consumers.
Investtech guarantees neither the entirety nor accuracy of the analyses. Any consequent exposure related to the advice / signals which emerge in the analyses is completely and entirely at the investors own expense and risk. Investtech is not responsible for any loss, either directly or indirectly, which arises as a result of the use of Investtechs analyses. Details of any arising conflicts of interest will always appear in the investment recommendations. Further information about Investtechs analyses can be found here disclaimer.
The content provided by Investtech.com is NOT SEC or FSA regulated and is therefore not intended for US or UK consumers.