Sobha has seen a decisive breakout of falling resistance trendline adjoining highs of July 26 and September 5, with strong bullish candlestick pattern on the daily charts. The stock rallied nearly 11 percent to Rs 682 and formed significantly higher volumes.
Ashish Kyal expects consolidation or minor retracement in midcap, smallcap indices, but it will be an opportunity to enter into the stocks that have shown leadership role during the rise.
The undertone seems upbeat with ‘buy on dip’ being the most suitable approach.
Media stocks appear to be a dark horse sector and are expected to perform well over the medium term, says Prashant Shah of Definedge.
Look for a stock that has capacity to move from current price to the next higher Call strike or Next lower Put strike.
Option data indicated that 19,900-20,000 is likely to be key resistance area in coming days, with support at 19,700-19,500 levels
Asahi India rebounded sharply and recouped all previous four-day losses in one session, rising 8 percent to Rs 595. The stock has formed strong bullish candlestick pattern on the daily charts, with robust volumes and trading above all key moving averages.
It seems that the Nifty Index is currently in a positive trend and has the potential to move towards the 19,991 levels in the short to medium term.
The Option data indicated that 19,800 is likely to be next key resistance area for the Nifty50 with immediate support at 19,700-19,600 levels
LIC saw a decisive breakout of long falling resistance trendline adjoining highs of December 20 last year, and August 11 this year. The stock has formed a bullish candlestick pattern with long upper shadow on the daily charts with strong volumes.
Selling on rallies seems to be the favoured strategy for traders in the Bank Nifty, unless the index provides a clear and decisive breakout above the 45,000 levels.
Option data indicated that 19,700 is expected to be the next key resistance area for the Nifty50, with support at 19,500.
Bank of India saw a breakout of downward sloping resistance trendline adjoining highs of December 15 last year and August 18 this year, with strong volumes.
In order to break the pattern of lower highs, the Nifty50 must decisively breach 19,600 mark.
India VIX, the fear index, hit one-month low at 10.82, down by 1.34 percent, making the trend more favourable for bulls.
BSE gained for sixth consecutive session and jumped 5.5 percent to end at record closing high of Rs 1,188, forming long bullish candlestick pattern on the daily timeframe
We expect their outperformance to continue for the coming weeks.
The options data indicates that the Nifty can move towards 19,600-19,700 levels in the coming sessions, with support at 19,400
Considering the momentum in key sectors, if the Nifty50 decisively surpasses 19,500, then 19,650 is expected to be the crucial area for sharp up-move, while the critical support remains at 19,300-19,250, experts said
Longer term, the upward trend in banking remains intact. The 20-week average for Bank Nifty at 44,145 has been protected during the last two weeks.
MTAR Technologies, MCX India and GAIL India were among the stocks that outperformed the market on September 1 and are expected to continue the uptrend
Latent View Analytics has seen robust trading volumes, leading it to surge above all its significant exponential moving averages on the daily time-frame
This article explains the significance of ADX indicator & why it should be an important tool in every trader’s arsenal.
Pair Trades or Long-Short is a trading strategy involving 2 stocks where we would buy one stock and sell one stock.
For Nifty, closing and sustaining above 19,500 in the coming days can open doors for 19,800 levels, with crucial support at the 19,250-19,200 area, which has been held so far by the market, experts said