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The Indian equity market made a staggering rebound during the week gone by as corporate banks reported a strong set of earnings growth for Q2FY19 coupled with positive auto sales growth in October.
Further, a consolation in crude oil from the high of $86 dollar to $73 levels helped in strengthening of rupee, which improved the overall market sentiment.
In the week gone by, the Nifty index managed to decisively breach upward from its short-term moving average level of 20-day EMA placed at 10,442 levels.
It further managed to move above the resistance of 10,500 to touch a week-high of 10,606 levels but failed to sustain to close at 10,553 levels with a gain of 5.2 percent on the weekly basis.
The rally was primarily led by buying across broad sectors, especially in PSU banks, realty, and auto, which were up by 13.6 percent, 7.7 percent, and 7 percent, respectively, on the weekly basis.
The index reversed formation to long bullish candlestick pattern on its weekly price chart while it formed a ‘Hammer’ reversal kind of pattern on the daily chart.
The weekly RSI on chart stood at 51 levels up from earlier level, but MACD continued to trade below its signal line.
Given a strong breakout from important levels, the upper resistance for the index is placed at 10,700-levels with immediate support at 10,405 levels.
With the revival in earnings reported by many companies in Q2FY19 coupled with short-term relief owing to relaxation in trade war, the equity market is expected to witness positive momentum for a couple of sessions ahead of the festive season.
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