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Amara Raja Energy formed robust bullish candlestick pattern on the daily charts. The trading volumes remained strong for last five days, while the stock traded well above all key moving averages.
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Going forward, Sudeep Shah expects index to continue displaying weakness & slide into a period of consolidation with negative bias.
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Tata Power Company ended at new closing high of Rs 430, with above average volumes and formed bullish candlestick pattern on the daily charts, while it traded above all key moving averages.
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The benchmark Nifty is likely to march towards 19,300-19,500 levels in coming days, as long as it holds the 19,000 mark, which is an immediate support, then 18,800 levels, experts said
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Traders are advised to book profits hereon as there could be a sharp corrective move in the coming weeks. On the downside, the immediate support is at 18,060, and a breach of the same might result in further profit-booking.
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Cyient has formed long bullish candle on the daily scale with above average volumes, with making higher tops higher bottoms formation for third consecutive session. The stock jumped 4.6 percent to end at record closing high of Rs 1,287.
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Greenpanel Industries surged 14 percent to Rs 312.5, the highest closing level since January 31 this year. The stock has formed large bullish candlestick pattern on the daily charts with significantly higher volumes and also there was an expansion of Bollinger band on both sides.
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ITC has been in a strong uptrend since February last year and after a brief consolidation of 2 months, the stock looks ready for the next upmove.
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KEI Industries shares gained nearly 3 percent to end at record closing high of Rs 1,661 and formed bullish candle on the daily timeframe with long upper and lower shadows, with above average volumes. It has seen higher high higher low formation for fourth consecutive session.
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Poly Medicure rose 5 percent to Rs 952.5 and formed big bullish candlestick pattern on the daily charts with strong volumes. In fact, it has seen a breakout of downward sloping resistance trend line adjoining several points from the October high.
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On a daily chart, Apollo Hospitals Enterprises is trading in bullish territory after the breakout of the Falling channel and again reclaim the upper band of the pattern, which indicates upward direction in the stock for the short to medium term.
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The cooling off of metal prices was the biggest driver for the sector. Metal forms the major portion of auto companies' operating expenses
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All automobile segments barring tractors and two-wheelers are expected to post strong year-on-year growth in June, largely on a low base in 2021 when India was battling a devastating second Covid wave
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The Nifty 50 must surpass 16,800-17,000 levels to gain strength, which is possible if geopolitical tensions ease. However, 16,400-16,200 will act as crucial support levels, experts said.
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The recent development indicates that Nifty could test the previous swing low placed at 16,410. The support derived from, upward sloping trend line, adjoining the weekly lows January 29, 2021 and April 23, 2021 also coincides with swing low of 16,410, says Vinay Rajani of HDFC Securities
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The biggest beneficiaries would be the infrastructure segment, capital goods, real estate, railways, power, fintech, agriculture, defence and banks, say experts. One of them said the Budget will be negative for the entire PSU and PSU bank space since there were no major announcements on divestments.
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There is no sign of weakness but we reiterate when things start to look hunky-dory everywhere, wise traders choose to take some money off the table, said Sameet Chavan of Angel Broking.
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As far as supports are concerned, 16,200, followed by 16,000 are likely to be the key levels for the benchmark, whereas for Bank Nifty, support is visible around 35,500 – 35,200.
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Mid and smallcaps may cool off a little but this opportunity should be used to add quality stocks to your portfolio as the long-term market outlook is bullish, says experts
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By providing attractive valuations, the COVID-19 pandemic seems to have offered an opportunity to investors who have been eyeing the mid and small-cap space to place their bets at significantly low risk, say experts.
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Brokerage firm ICICI Direct pointed out that a healthy festive period and elements of pent-up demand, channel restocking led the auto industry to remain firmly on the recovery path in Q3FY21.
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Shares of battery-makers saw traction after reports that the American clean-energy and electric-vehicle company Tesla will begin its operations in India in 2021.
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Price-wise/time-wise correction within Nifty tends to provide buying opportunities with sector churning theme dominating headline.
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On the decisive crossing of 12,400 levels would lift the Nifty to 13,300 levels, said Shrikant Chouhan of Kotak Securities.
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The Q2FY21, so far, witnessed robust numbers from IT, Pharma, Auto components, select banks, and cement sector companies.
