Chartist Talk: Four-digit mark likely for this logistics stock, Bank Nifty to hit new highs well before Nifty 50

Given the horizontal trendline breakout and the stock hitting a new high, do you see a fresh leg of the rally in Poonawalla Fincorp?

Poonawalla Fincorp has been in strong momentum and witnessed strong trendline breakout followed by price coming out of the bullish Flag & Pole pattern as well in the current week. The trend of the stock is extremely bullish with stock hitting fresh all-time highs.

We expect the stock to continue its bullish momentum in the near term and may test Rs 580-600 mark in the coming few trading weeks with strong base formation for the price around Rs 470-480 on the lower side.

After a 42 percent rally this week, does Atlantaa appear overbought, or is there still more upside potential left in the stock?

A spectacular rally has been witnessed in the stock price of Atlantaa comfortably crossing short term resistance zones of Rs 45-47 on daily charts. Majority of the momentum indicators are showing overbought signals on all parameters and some cool off cannot be ruled out towards Rs 45-48 mark in the near term which can be again a good buying opportunity for short term traders. The stock price has next resistance around Rs 63-65 while Rs 45 remains the strong support area.

With October starting on a healthy note, what is the likelihood of the Nifty 50 making a new swing high for 2025 this month?

Nifty is carrying strong momentum after it took support around crucial support zones of 100-DMA and gave respect to psychological mark of 24,500-24,600 on the lower side. The overall trend of the index is neutral to bullish with index having strong potential to test 25,000-25,100 mark in near term followed by 25,400 and then even all-time highs.

If the ongoing momentum gets some support from the short covering the derivative space where huge short are built by FIIs, then we can even expect the index to test all-time highs in the current trading month as well.

Is the breakout above the strong falling resistance trendline reinforcing the positive sentiment in Aegis Logistics?

Aegis Logistics has gained nearly 18 percent this week and is looking extremely strong on the technical charts. The price is expected to surpass the high of Rs 950 plus of May 2025 and may even enter the four-digit mark in the next few weeks.

The Bollinger band (20,2) is showing volatility burst followed by price rolling on the upper band indicating strong momentum is likely to continue in the future. We expect the stock to continue the momentum till it is holding the support zones of Rs 800-820 mark while Rs 980-1,010 will be the next targeted levels.

Based on technical and momentum indicators, do you expect Bank Nifty to hit a new record high in October without much doubt?

Bank Nifty is the major catalyst behind the recent market rally and is clearly visible on the charts with the recent low (54,220) is well above the previous low of 53,600 mark. RSI & MACD are exhibiting strong buying signals on all time frames and any minor dips may attract buying interest.

On the other hand, the index is forming bullish Inverted Head & Shoulder pattern on the daily charts with neckline placed above 55,700 and is expected to break above the same. We expect the banking index to hit the all-time high well before Nifty but may take few weeks due to ongoing market volatility. The support for the index is around 54,800 while next resistance is around 55,800 and 56,500 for the next few sessions.

Do you see continued strength in Hero MotoCorp, given the small flag breakout and the stock hitting a record high in October?

Hero MotoCorp has again shown strong move with price now moving towards 52-week highs. The recent volume action in the counter is exhibiting strong buying signals with RSI making positive divergence and price rolling on the upper band of the Bollinger (20,2) on the weekly charts. The stock is also trading well above the short-term moving averages and is expected.

A bullish flag and Pole pattern breakout is also witnessed in the counter whose targets is pegged around Rs 6,000-6,050 levels which is near-term all-time zones. The support is now placed around Rs 5,350 followed by Rs 5,180 while Rs 5,820 and Rs 6,000 are the next major supply zones.

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