Business
The Nifty has formed a Bullish Engulfing pattern on Tuesday, which was followed by a strong momentum in Tuesday's session
Updated : Dec 13, 2018, 06:10 AM IST
The bullish momentum is expected to continue in today's session too. On the upside, we may see 10840–10900 level.
Stocks like ICICI Bank, Siemens, YES Bank, Manappuram, OFSS and Dabur are likely to do well in coming days.
We may see a continuation in the ongoing bullish momentum in Financial Services, Auto and FMCG sector in the next few sessions.
The Nifty has formed a Bullish Engulfing pattern on Tuesday, which was followed by a strong momentum in Tuesday's session. This type of broad-based rally, after a negative news, is a good sign for the market. We are expecting a further rally in the Nifty towards 10950–11000 level in near-term.
Our market found the direction after the end of uncertainties over election results. Also, the appointment of new RBI governor and decent rally in Asian bourses fuelled the momentum.
Jay Purohit, technical and derivatives analyst, Centrum Broking