Positive global cues, strong results from India Inc., and measures announced by the Reserve Bank of India have helped the benchmark indices in the last week to turn green. At the end of the last week S&P BSE Sensex rose by 0.87 percent reclaiming 49,000, while Nifty50 climbed 1.31 percent closing above the 50-Days Simple Moving Average, and above 14,800. In the same period S&P BSE Midcap index rose 1.4 percent and the S&P BSE Smallcap index was up 2.5 percent rally.
As the investors are looking for stock-specific trading opportunities this is expected to continue in this week too. The State Bank of India’s stock is on the verge of a breakout from a sideways consolidation phase, a sustained trade beyond Rs 360 will resume the uptrend taking it higher to Rs 390. Dhanuka Agritech has resumed its upward journey after breaking out of a channel pattern consolidation phase, backed by good volumes.