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Trade Spotlight: What should you do with Polyplex Corporation, RITES, APL Apollo Tubes on Thursday?

APL Apollo Tubes has formed long bullish candle on the daily charts with above average volumes, making higher high higher low for second straight session with momentum oscillator RSI trading above 60 level.

January 19, 2023 / 06:55 AM IST
 
 
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The market has decisively surpassed hurdle of 50 DEMA (Day Exponential Moving Average - around 18,100) on the Nifty50 with formation of bullish candle on the daily charts with making higher high higher low formation for fourth consecutive session on January 18, indicating positive mood among market participants. Even the momentum oscillator RSI (relative strength index) moved above 50 mark giving positive signals.

The Nifty50 rallied more than 110 points to 18,165, and the BSE Sensex jumped nearly 400 points to 61,046, but the breadth was not very strong, in fact, slightly tilted towards buyers.

On the broader markets front, the Nifty Midcap 100 index gained half a percent and Smallcap 100 index was flat with a positive bias.

Stocks that were in action included Polyplex Corporation which was the biggest gainer in the Nifty500 index, climbing 12 percent to Rs 1,675 - its highest closing level since December 14, 2022. The stock has formed robust bullish candle on the daily charts with strong volumes, closing above 50 DEMA as well as 9 DEMA and 21 DEMA. It has seen a breakout of downward sloping resistance trend line adjoining multiple touchpoints - November 21, November 23, and December 5, 2022.