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Trade Spotlight | What should you do with IDBI Bank, Bank of India, Dabur India?

IDBI Bank shares gained nearly 3 percent to close at Rs 54.30, the highest closing level since November 10, 2021 and formed high wave kind of pattern on the daily charts, making higher highs higher lows for third consecutive session.

November 30, 2022 / 06:58 AM IST
 
 
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The market has consistently been making new highs, extending the upward journey for sixth session in a row on November 29, aided by positive global cues, buying in FMCG, metal and pharma stocks. However, the broader markets were under pressure with the Nifty Midcap 50, Midcap 100 and Smallcap 100 indices falling half a percent each.

The benchmark indices both have given a record closing on Tuesday. The BSE Sensex rallied nearly 180 points to 62,682, while the Nifty50 closed above 18,600 mark for first time in history, climbing more than 50 points to 18,618.

Stocks that were in action included Dabur India which was the biggest gainer in the derivative segment, rising over 6 percent to Rs 593. The stock has formed large bullish candle on the daily charts with significantly higher volumes, making higher highs for fifth consecutive session. It has seen a breakout of downward sloping resistance trend line adjoining August 19, November 14 and November 28m 2022.

IDBI Bank shares gained nearly 3 percent to close at Rs 54.30, the highest closing level since November 10, 2021 and formed high wave kind of pattern on the daily charts, making higher highs higher lows for third consecutive session. Bank of India was also in focus, rising 3 percent to Rs 83.75, the highest closing level since June 7, 2021, and formed long bullish candle on the daily charts.