Benchmarks hit record high on strong GDP growth , Nifty surpasses 8,000 mark

Indian markets close strong

The Indian benchmark indices closed today on a positive note. The broader markets have consistently outperformed benchmarks during the day.

NSENIFTY closed up  73.350 at 8,027.700.  Volume was 13% below average (neutral) and Bollinger Bands were 10% wider than normal. 

Open                High                Low                Close              Volume___

7,990.350       8,035              7,984             8,027            139,328,064

Technical Outlook 

Short Term:                        Overbought

Intermediate Term:            Bullish

Long Term:                         Bullish

Moving Averages:     10-period              50-period                 200-period

Close:                           7,918.05               7,703.69                  6,826.33

Volatility:                            8                             15                           16

Volume:                   131,425,872          135,687,744           160,434,032

NSENIFTY gapped up today (bullish) on normal volume.  Possibility of a Runaway Gap which usually signifies a continuation of the trend.  Four types of price gaps exist - Common, Breakaway, Runaway, and Exhaustion.  Gaps acts as support/resistance.

   NSENIFTY is currently 17.6% above its 200-period moving average and is in an upward trend.  Volatility is low as compared to the average volatility over the last 10 periods.  Our volume indicators reflect moderate flows of volume into NSENIFTY (mildly bullish).  Our trend forecasting oscillators are currently bullish on NSENIFTY and have had this outlook for the last 12 periods.   Our momentum oscillator is currently indicating that NSENIFTY is currently in an overbought condition.  

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 BANKNIFTY closed up 272.399 at 16,012.800.  Volume was 27% below average (neutral) and Bollinger Bands were 2% wider than normal. 

Open          High         Low           Close        Volume___

15,790     16,060       15,790      16,012       23,685,388

Technical Outlook 

Short Term:                          Overbought

Intermediate Term:              Bullish

Long Term:                           Bullish

Moving Averages:     10-period             50-period         200-period

Close:         15,669.14      15,254.96      12,929.29

Volatility:           18             23             28

Volume:       25,947,016     26,817,222     32,337,444

   BANKNIFTY is currently 23.8% above its 200-period moving average and is in an upward trend.  Volatility is relatively normal as compared to the average volatility over the last 10 periods.  Our volume indicators reflect volume flowing into and out of BANKNIFTY at a relatively equal pace (neutral).  Our trend forecasting oscillators are currently bullish on BANKNIFTY and have had this outlook for the last 7 periods.     

Money99 EOD system - Live Position 

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Parag Patil is a technical analyst and trading system designer with stock excel programmer. I hope the articles and live chart of nse future and mcx on this Website will be as helpful and profitable to you . I try to update and post new articles tips everyday. My motto is to encourage the traders, so that they should able to understand the technique views behind the moment of stocks. I have deeply analyzed with many technical indicator with parameter and added to my amibroker afl. And even taken backtest report which is never being implemented. Any of the analyst expect me. Seeing all this you may understand that my views is more technical than commercial. If you are profited by my views I fill happy.