Future Lifestyle Fashions gained 3.7% and retakes 50-DMA. The upside move can find resistance at 200-day line, 1.2% above the current market price. The stock is able to retake 50-DMA after couple of months, and can act as strong support.
The Nifty, and the Sensex were up on all five sessions during the week: Nifty, +3.3%; Sensex, +3.5%; Nifty Midcap, +0.9%; Nifty Smallcap, +0.1%; Model Portfolio, -0.2%; and MSI Ind 47, +0.5%. Continue reading “Weekly Big Picture – Benchmark Indices up on all five sessions; Nifty Gain 3.3%”
Auto stocks were under a huge selling pressure in Sept-Oct, dragging Nifty Auto index down to a correction. Rising insurance costs, increasing interest rates, and volatile commodity and fuel prices made the investors jittery ahead of the earnings, which also came out muted at large. In November, auto stocks have exhibited some strength led by good price-volume action in stocks like Maruti Suzuki and Eicher Motors (up 16% and 19%, respectively, from their recent lows). However, as per the CAN SLIM methodology, it is important to wait until the stocks display strong earnings and breakout from a strong base pattern. Continue reading “Auto stocks: Right time to buy cheap?”
Nifty gains for the fourth straight trading session. Sensex closes above 36,000 for the first time after two months. Nifty, +1.2%, Sensex, +1.3%, Model Portfolio, +0.7%; MSI Ind 47, +0.1%.
Daily Market Review
India’s benchmark indices posted gain on high volume. The Nifty closed above its 200-DMA following strength in global markets, after the US Fed Chairman said that the central bank’s benchmark interest rate is near neutral level. Continue reading “Daily Big Picture – Nifty, Sensex Gain on High Volume; Bank, Metal Stocks Rally”