Nifty continues the strong momentum buying, Bulls takes the charge...
Global Market Update:-
U.S. stocks carried Wednesday's gains into a strong rally on Thursday as investors continued to applaud the Federal Reserve's commitment to be patient when deciding when to hike interest rates.
At the close of U.S. trading, the Dow 30 rose 2.43%, the S&P 500 index rose 2.40%, while the Nasdaq Composite index rose 2.24%.
The Federal Reserve said on Wednesday it was leaving its benchmark interest rate unchanged at 0.00-0.25% and added it will exercise patience when raising interest rates to make sure the economy continues to improve.In past statements, the Fed said it would take "considerable time" to make sure recovery is underway before tightening policy.
The Fed's language sparked a massive rally on Wall Street by fueling expectations that borrowing costs will remain low for some time to come while economic fundamentals continue to improve and bolster corporate top and bottom lines.Upbeat data out of the labor market drew applause as well.
Indian Market Update:-
Fed statement cheers the markets across the world and Indian markets also witnessed the run away rally and in addition cabinet clears the GST bill which will be presented in the parliament soon. Sensex managed to close the day above 27000 at 27126 up 416 points and Nifty ends the day at 8160 up 129 points.
Going forward the global and Indian markets to trade higher as the fed has set the tone for the markets and all the markets around the world are bottomed out and running back to enjoy the December rally. the strong support for Nifty comes at 8030 and resistance above 8180. Now the markets again should manage to move towards the historical highs.
Recommendation: BUY BGRENERGY
Stop loss: 150
Time duration: 2 WEEKS
BGR ENERGY has formed a perfect morning star pattern on the daily charts confirming the reversal in the trend and stock has closed with island gap up with bullish engulfing candle stick trading comfortably above the key moving averages should take the stock to at least 175 zone in coming weeks.
Recommendation: BUY CANBANK
Stop loss: 425
Time duration: 3 Weeks
Stock has a broken a strong resistance zone keeping itself above the rising trend line and broken a inverted head and shoulder pattern neckline and the stock is ready to outperform the markets with candle making a reversal pattern of bullish engulfing with a RSI and MACD indicating the bullish cross over signifies the strong buy in the stock.
Winning streak to continue...
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