As the US President Donald Trump suspended the attacks on Iran and entered a two-week ceasefire agreement, the equity markets worldwide rejoiced with a massive rally. The domestic benchmark index, Nifty, opened with an over 700-point gap up and sustained above the opening range. It closed near the day’s high with massive volume support. The index registered its largest single-day gain in recent history. It decisively closed above the 20 DMA, previous minor highs. It also closed above the 38.2 per cent retracement level. The market breadth is extremely positive as 2960 stocks advanced and only 341 stocks declined.
The Nifty is now 3.17 per cent above the 20 DMA, and just 2.24 per cent below the 50 DMA. As mentioned earlier, the Bollinger bands are contracting further, indicating mean reversion. The RSI is now at 53.89, and the positive divergences are showing the real impact. It is now inching towards the bullish zone. Even the weekly RSI is also entered into the neutral zone with today’s 3.78 per cent move. If the RSI moves above 60, the momentum will continue and can hit 24262. Now, it is important to sustain above today’s high of 24025 to continue the momentum. The hourly RSI is already in the extreme zone, and moved horizontally. However, only a close below 23771 may result in short-term profit booking. The MACD histogram shows strong momentum. For now, stay with a positive bias as the event risks have receded.
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