The index that did very well this week and which has potential to carry forward the momentum into the next week seems to be the Metal index if it can cross 2 major hurdles at 8941 and 9227. Currently the closing of CNX Metal Index is at 8926.90. In the coming weeks if we get a closing above 8941 and eventually above 9227 the index has a potential to go north wards towards 9453, 9828 or even 10K plus levels if the rally in Nifty and the one we are seeing in the Metal index sustain. Metal index this week gave a closing above Mother line of 50 weeks EMA which is at 8750. RSI of the Metal index has also entered a bullish looking territory. The significance of Mother and Father lines, Parallel Channels, RSI can be learned by reading my past articles or by reading my Book The Happy Candles Way To Wealth Creation which is available on Amazon or can be availed by contacting me. The book is one of the highest rated books on Amazon in it's category. Now if this breakout actually happens in the Metal Index the stocks that composit the metal index will be the beneficiary in general. Some might benefit more some might benefit less and some might not benefit but for index to move upward the stocks composing it have to perform well. To know which stocks will do better than others we will have to look at their individual charts. The stocks which make the metal index are Welspun Corp, Hindalco, Nalco, Hindustan Zinc, Tata Steel, Vedanta, Sail, NMDC, hindustan Copper, Jindal Steel, JSW Steel, Jindal Stainless, Apl Apollo Tubes, Ratnamani Metals, Adani Enterprise. Thus it is obvious some of these stocks have potential to benefit if index does well. Choose wisely after consulting your investment advisor, studying fundamentals and Technicals of each company.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.