Sensex saw a jump of 1,000 points on Friday. An increase of around 300 points is seen in Nifty. 43 out of 50 Nifty stocks rose while 28 out of 30 Sensex stocks saw buying. 11 out of 12 shares of Nifty Bank have seen a rise.
Today Nifty closed up 1.65% at 24,541.15. That is, whenever the Nifty 200 has closed above the DEMA, it has seen a large rally thereafter.
Nifty closed above 200 DEMA on Friday as well. DEMA stands for Double Exponential Moving Average. which is a technical indicator that helps traders analyze price movements and trends in securities and assets. It is a weighted moving average that uses a combination of the exponential moving average (EMA) to reduce lag and reduce price volatility.
After closing above 200 DEMA, a rally from 500 points to 2800 points has now been seen from there. That means now Nifty will go up at least 500 points from here to around 3000 points and then make a big correction.
Wipro, LTIMindtree, Tech Mahindra, M&M and Tata Motors were among the top gainers on the Nifty on Friday, while Sun Pharma, SBI Life Insurance, Divis Labs, HDFC Life and Maruti Suzuki declined.
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