Markets Could Touch fresh all-time high in next Bull Rally: TradingBells
Indian markets have been hovering around their all-time high for quite some time. As the traders weren't having any major trigger after the quarterly results, markets have remained range-bound. However, we could expect market to witnessed a fresh all-time high in the coming weeks. A report on Indian Stock market by Mr. Santosh Meena Senior Analyst TradingBells follows...
Market ends on a flat note for a second consecutive week amid lots of volatility. News flow on Coronavirus is keeping the global market volatile which is causing volatility in the Indian equity market as well. There are some hopes that the government may come out with a relief package for the telecom sector which may lead to short covering in the overall banking sector.
The market will also have a focus on US President Trump's visit to India next week where there are no major expectations from this event. Further development on the Coronavirus issue will be a dominant factor for next week as well.
Technically, Nifty witnessed a smart pullback from its 100-DMA but it is facing resistance at its 50-DMA of 12140 where if it manages to sustain above 12140 level then we can expect a short-covering rally towards next important resistance zone of 12250-12300; above this zone we can expect that overall bull trend will resume for fresh all-time high. In the downside 20-DMA of 12040 is immediate support below this, 11950-11900 will be a critical support zone. If Nifty slips below 11900 level then the market may see a major fall where 11800 will be an intermediate support level.