Hot Stocks | Tech Mahindra, Mahanagar Gas, HAL can give up to 12% return in short term
Episode 2581, Jun 04, 2020, 12:30 AM
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Since May 27, Nifty has witnessed an uninterrupted rally of almost 12 percent and is trading at a two-month high.
On June 3, the benchmark index witnessed a gap up opening again, following the global peers and held the gains during the day. However, we saw some profit-booking in the final trading hour.
The index is trading in a rising channel pattern and is currently spotted above its upward rising trendline support on a monthly chart.
On the monthly timeframe, Nifty is trading in a range between the 50 and 100-day exponential moving averages.
When we observe volume activity, there has been an above-average volume setup for the last three months.
For the consecutive two months, we witnessed a strong decline in volatility as India VIX has drifted almost 4 percent for May.
In March, we saw a strong rise in the India VIX index which almost equals the year 2008 level.