According to Vietcap Securities Company (VCSC), the technical signals of VN-Index, VNMidcap, VNSmallcap, and HNX-Index have all improved to positive in the short term. However, VN30 remains neutral in both the short and medium term.
Looking ahead, it is expected that the market will maintain its positive momentum in the morning session on November 5, 2023, with VN30 and VNSmallcap testing resistance levels MA100 and MA200. However, if selling pressure emerges and causes a pullback, the indices may experience a downside correction.
The strength of the selling pressure and whether it results in a break of the support level of 1049-1053 points for VN-Index will determine whether this is just a temporary consolidation period or the start of a downward trend, the Market Insider reported.
In trading on November 4, 2023, the VN-Index closed at a 4-week high of 1,058.26 points, up 0.4% for the day. The gains were driven by some real estate stocks, with GVR (+4.3%) being the biggest contributor to the gains and rising 8.7% for the week. Other real estate stocks that performed well included NVL (+2.3%), NLG (+2.6%), DIG (+3.5%), DXG (+6.7%), and DXS (+5.7%). Retail stock MWG (+2.8%) gained for the third consecutive session, while several banking groups, including SHB (+3.6%), CTG (+0.9%), STB (+2.3%), MBB (+1.1%), and VIB (+2.0%), also recorded gains. However, GAS (-1.0%) dropped after gaining 2.4% in the previous two sessions and was the stock that lost the most points on the day.
Investors may want to track the technical signals of the top 15 stocks with the strongest influence on VN-Index, the top 10 stocks with the strongest influence on HNX-Index and UpCom Index, as well as some selected speculative stocks recommended by VCSC to stay informed about market trends.
Related
Source: Vietnam Insider