Tag: market trading

The Indian equity market on Wednesday continued its winning streak, for the third day in a row, propelled by a rally in the BFSI and FMCG sectors. The BSE Sensex surged 309.40 points to close at 77,044.29, while the Nifty increased with more ease, tacking on 108.65 points to settle at 23,437.20. 

According to technical analysts, the Nifty managed to reverse early weakness and close above the 100-day exponential moving average (EMA) for the second consecutive day. Early weakness was reversed, support is near 23,300, and as long as the index holds above this level, the sentiment update is bullish. On the upside, resistance is pegged around 23,650.

Axis Bank: Breakout Signals Bullish Continuation

An emerging trend in Axis Bank has been characterized by strong volume. Traders seem bullish. The stock remains above both the 21-day and 50-day EMAs, evidencing good strength. Technical indicators such as the RSI are retracing upward after a brief pause, and the MACD has very recently shown a bullish crossover. This combination of signals points to higher prices in Axis Bank. Traders might consider going long with a stop-loss under the last swing low and with a reasonable price target of going back to test the all-time highs.

Chola Fin: Cup and Handle Pattern Breakout in Play

Chola Financial Holdings has shown a classic breakout from a Cup and Handle formation, a textbook bullish indicator. The move was confirmed by volume that was better than average, showing strong interest from buyers. At this point, the stock is not only above the 21-day and 50-day EMAs, but it also looks better in terms of upside potential.

RBL Bank, Indian Bank, and IEX: Gaining Traction

RBL Bank shows signs that it is reversing a trend, having formed a base and broken above its 20-day EMA. Also confirming the bullishness and momentum is the RSI, which is forming higher lows. The stock is targeting a price around 194, and an investor could use a stop-loss around 174.

On the other hand, Indian Bank has broken out of a consolidation phase. A strong bullish candle on the daily chart and a sustained position above the key EMAs indicate that there is a potential for upside momentum. A probable move toward INR 598 is on the radar, with key stop loss level acting at INR 545.

Finally, the Indian Energy Exchange (IEX) has broken above a falling trendline and is now trading comfortably above its 20-day EMA. A crossover in the RSI adds to the strength of this setup, which has a tentative price target at INR 196 and a safety net at INR 178.

These stocks have solid technical setups and are ones to keep a close watch on for potential short-term trading opportunities.

Indian stock markets ended Friday on a strong note thanks to foreign developments that served to bolster investor sentiment. A development back home in which the Reserve Bank of India clarified its recent stance on the health of the country’s banking system, in favoring the banks, combined with the stateside news of tariffs that won’t affect most of their exports, accounted for the massive gains among all sectors. 

The BSE Sensex surged 1,310 points to finish at 75,157; while the Nifty shot up 429 points to finish at 22,829. Even with the positive close, analysts are cautiously optimistic. Rupak De of LKP Securities noted that the Nifty had trouble holding above the 21-day EMA, which is a potential resistance point near 23,000. If the Nifty can break above that level, De believes it has room to run toward 23,500. However, if the index falls back below 22,750, bearish sentiment may return.

Stocks to Watch: Bharti Hexacom, Medplus, NTPC

Bharti Hexacom is on analysts’ radars because it is breaking out above important areas of resistance on the daily chart. Currently, it is executed at INR 1,504.75, and the recommendation is to target INR 1,580 with a stop-loss at INR 1,465. If the stock moves above the immediate resistance at INR 1,515, we will be looking at much more bullish price action with an upside potential to INR 1,600.

Medplus Health Services is also showing strength following a symmetrical triangle breakout. The price has recently closed above INR 780 with a bullish candlestick formation that was backed by rising volumes. Currently marked at INR 789.20, the stock has an upside target of INR 875, while a stop loss is advised at INR 760.

NTPC is another selection, selling at INR 360. Technical indicators show a trend reversal as the stock approaches its 200-day moving average. If the uptrend continues, short-term price targets expect to push NTPC up to INR 430, with longer-term potential to reach INR 480. A stop loss is recommended at INR 330.

Avoiding Weak Links: Asian Paints and Sun Pharma

Although a few stocks seem ready to rise, others are looking weak. Take for example Asian Paints. Bearish engulfing candlestick patterns are a clear indication that a bullish trend has come to an end and a bearish trend is taking over. The daily chart for Asian Paints clearly shows such a pattern. Moreover, the stock is trading below its 10-day EMA, signaling more bearish moves ahead. If it breaks below INR 2,390, there is a good chance it could hit INR 2,300. A stop loss near INR 2,446 is recommended.

Sun Pharmaceuticals is under pressure after contending with the 50-day EMA and falling below the 21-day EMA. A bearish RSI crossover suggests a move downward toward INR 1,630. If prices break below INR 1,685, further weakness could follow. A stop loss at INR 1,715 is advised.

Indian equities saw a solid recovery on Tuesday, thanks to positive global signals and broad-based buying across most sectors. The BSE Sensex jumped by 1,089 points to end at 74,227.08, while the Nifty 50 shot up 374 points to close at 22,535.85. All major sectors saw gains, with banking, autos, IT, and FMCG leading the charge, renewed confidence in the Indian equity markets.

Nifty found a crucial support level near 21,800. This triggered a bullish candlestick formation on the charts. Now, a potential move toward the 22,950-23,000 range is on the radar, provided current momentum continues. The India VIX remains above 20, suggesting elevated volatility, especially with the policy meet of the Reserve Bank of India around the corner.

GMR Airports: Technical Breakout with Strong Momentum

The uptrend of GMR Airports is looking promising as it has recently broken through swing highs. This stock shows significant investor interest; it currently trades well above its 20, 50, 100, and 200-day moving averages, and it has recently emerged from a consolidation pattern. Buying this stock at its current price of 85.4 INR (around $1.10) and placing a stop loss at 83.6 INR (about $1.08) seems to be a reasonable trade.

UNO Minda: Reversal Pattern Signals Upside

UNO Minda seems to be reversing its recent downtrend. It has rebounded from a level of 767 and is currently moving up. The current price structure signals a shift from bearish to bullish. The stock is now targeting a previous lower top, which is just under 905. What should you do if you own this stock? Analysts suggest buying at 836, adding more near 820, and selling if the stock closes below 805.

Indus Towers & Credit Access Grameen: Chart Patterns Support Buys

Indus Towers has broken out of a rounding bottom formation on the daily charts, accompanied by bullish candlesticks and strong volume activity. The stock trades well above all the key moving averages, with an RSI (Relative Strength Index) value of 65.44. It is a buy at the current market price of 370, targeting 386, with a stop loss at 363.

Grameen Bank Access to Credit positions itself near the upper edge of a triangle formation on the formation of the weekly chart. It shows a positive bias, with the momentum indicators positioned near a bottom reversal suggesting this stock has potential to break upward. Buy at 997, add to that position on dips to 985, set a target of 1080, and a stop loss at 960.