The benchmark indices closed flat with the Nifty50 forming a Spinning Top kind of pattern on the daily scale, indicating indecisiveness among buyers and sellers about future market trend. A trend was also seen in broader markets with the Nifty Midcap 100 and Smallcap 100 indices closing flat.
The Nifty50 gained 1.6 points to reach 18,266, and the BSE Sensex lost 3 points to 61,761.
Bank Nifty moderately underperformed frontliners as the index shed 86 points to 43,198 and formed a bearish candlestick pattern on the daily timeframe as the closing was lower than opening levels.
Stocks that outperformed broader markets included Firstsource Solutions which rallied nearly 11 percent to Rs 127.5, the highest closing level since April 22 last year and formed robust bullish candlestick pattern on the daily charts with strong volumes.
Nazara Technologies shares gained 4 percent to Rs 588.6 and formed a bullish candlestick pattern with long upper shadow on the daily charts indicating profit-booking at higher levels. The stock has seen a breakout of narrow trading range of more than couple of weeks and closed above the previous swing high of April 21 last year.
Varun Beverages jumped over 3 percent to end at a record closing high of Rs 1,505.5 and formed a bullish candlestick pattern on the daily timeframe, though trading volume remained below average. The stock has seen a break out of Mother candle of May 2.
Here's what Rohan Shah of Stoxbox recommends investors should do with these stocks when the market resumes trading today:
The stock remained in the downtrend since June 2021 to June 2022, where price plummeted almost 60 percent from the peak. The stock formed a bottom in June 2022 and post that, the stock has been trading in the sideways manner, ranging from Rs 122 to Rs 95 levels.
The prolonged consolidation resolute a breakout which is bullish signal for short to medium term trend. In the near term, we believe stock to trend higher towards Rs 136-140. While on the other hand, Rs 122-119 remains the key demand zone.
The stock has plunged more than 70 percent from October 11, 2021 high and has remained in the bear grip, falling from Rs 1,678 to Rs 475 levels. The stock formed a low in June 2022 and since then has been remained rangebound.
Recently, the stock rebounded smartly from the lower end of the range and in that process, the stock registered a breakout from the descending resistance trendline.
We anticipate, stock to head higher towards Rs 630, followed by Rs 675. On the downside Rs 575-565 zone shall act strong support for the stock in the near term.
The stock has been in strong uptrend from last couple of years and we believe the uptrend likely to continue ahead. In Tuesday's session, the stock has staged a breakout from potential bullish Cup & Handle price pattern.
The breakout has occurred with supportive momentum and surge in volumes. We sense, stock likely to head higher towards Rs 1,580-1,600 levels in the near term. While on the downside, Rs 1,450 remain the intermediate support to watch out for.
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