Indian equities continued to run up for the sixth straight day on Friday ignoring the weakness in global equities. Nifty rallied 93 points or 0.47% and settled at 19,820. On a weekly basis, Nifty surged by around 2%, while the midcap index gained a substantial 4%. Nifty Bank too participated in the rally and ended 1.62% higher. Sectorally too all sectors made gains except the pharmaceutical pack
“The Nifty displayed strength, primarily driven by strong demand for large-cap stocks. The overall trend remained robust as the index consistently stayed above a critical moving average. However, a significant hurdle for the Nifty came in the form of substantial Call writing at the 19900 strike price. Looking ahead, only a decisive move above the 19900 level has the potential to propel the index towards the 20200 mark. On the flip side, there was substantial Put writing at the 19700 level, providing strong support for the Nifty,” Rupak De, Senior Technical Analyst, LKP Securities, said
The security has recently experienced a breakout from a Rising Wedge pattern, signaling a potential bullish move. Furthermore, the rise in volume indicates that buyers are keen to buy the security. In addition to the price action, the technical indicators are also supporting a positive outlook for the counter. The security’s price is currently trading above both the Fast EMA (50) and Slow EMA (200), indicating a favorable trend. To further validate the bullish trend, the momentum indicator RSI has given a breakout of a range-bound pattern, providing additional support for the upward momentum
Punjab and Sind Bank: CMP: Rs 39.75 | Target: Rs 48| Stop Loss: Rs 34.70
A significant breakout of a Cup and Handle pattern in the stock has been observed. This pattern often indicates a potential bullish trend. The burst in volume during the current week suggests increased buying interest at the current price levels, which further reinforces the positive outlook for the security. Moreover, the price of the stock is trading above the major Exponential Moving Averages (EMA’s), indicating a sustained uptrend. This alignment with the EMA’s adds more confidence to the bullish scenario. Additionally, the breakout in the Relative Strength Index (RSI) supports the upside move, confirming the strength of the current trend and implying the potential for further price appreciation
The price action in Affle shows that the price is emerging after a prolonged consolidation over the last three months. The consolidation offers a chance to get on board the stock as it completes the sideways phase and moves on towards a trending phase. The breakout is from an ascending triangle trend continuation pattern
(Manish Shah, a SEBI registered Investment Advisor)
Deepak Fertilizers breaks out of its triple bottom pattern, which is a trend reversal pattern. With this breakout, the entire decline from the October 2022 high is coming to an end. The 50-day moving average crosses above its 200-day moving average, giving a golden cross & a buy signal
(Manish Shah. Manish Shah is a SEBI registered Investment Advisor)
After the recent selloff in the counter from the higher levels, the downward momentum had stopped. On daily charts, the counter has found support and reversed the trend from its important retracement zone along with decent volume activity. The formation suggests further bullish movement from the current levels
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities)
On the daily and weekly scale, the counter is into a rising channel chart formation with higher high and higher low series pattern. Moreover, technical indicators like RSI and MACD also indicate further up trend from current levels which could boost the bullish momentum in the near future
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities)
After the short-term correction in the counter from the higher levels, the downward momentum had stopped and it consolidated for a few weeks. On daily charts, the counter has formed a rounding bottom chart formation and reversed its trend from its important demand zone. The structure suggests a revival of the uptrend from the current levels in the coming horizon
(Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
