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Hot Stocks | Here is why you should bet on Jyothy Labs, Minda Corporation for short-term

Minda Corporation has witnessed an ‘Inverted Head & Shoulder’ pattern breakout on the daily chart, which has been backed by robust volumes. The technical indicators construe a firm setup in the stock price, and it is expected to continue its upward journey in the comparable period.

December 05, 2022 / 08:50 AM IST
 
 
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With the weekly closure, Nifty surged nearly a percent and settled a tad below the 18,700 level on December 2. Technically speaking, the chart structure construes a positive development, with the indices being in a cycle of higher highs – higher lows.

Even the global relief of the Fed to temper its aggressive interest rate hike has provided a significant thrust to the equities across the globe, mirroring which our market continued to soar northwards. Alongside, the broader participation from the small and midcap counters can be seen as a sign of progression in such market conditions.

As far as levels are concerned, 18,500 is expected to act as the sacrosanct support for the index. While on the higher end, the swing high of 18,900 odd zone is expected to provide some intermediate resistance, followed by the psychological mark of 19,000 in the near term.

We remain sanguine with the uptrend and would advocate the traders to utilize the dips to add long position in the index. Also, we expect strong moves outside the indices as the midcap space has witnessed a multi-month breakout and could unfold a new leg of rally in the comparable period.