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The positive trend is expected to continue, as technical and momentum indicators signaled a bullish bias. Below are some short-term trading ideas to consider.
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Market sentiment may improve further with the fall in India VIX and amid hopes of a 25 bps cut in the repo rate in the policy meeting on June 6. Below are some short-term trading ideas to consider.
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The market is expected to remain in positive terrain despite intermittent consolidation. Below are some short-term trading ideas to consider.
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The market may try to rebound on the first day of the December series, but sustainability is the key factor to watch. Below are some trading ideas for the near term.
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The Nifty 50 is likely to extend losses, with a downside target towards 23,600. On the NSE, 2,209 shares declined, while 192 shares advanced. Here are some trading ideas for the near term.
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On the lower side, 22,350-22,300 is the immediate key support for Nifty and as long as this holds, the chances of consolidation with positive is seen.
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As long as the Nifty 50 holds 22,300-22,200 levels on closing basis, the upward march towards 22,800 can't be ruled out in the coming sessions.
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It is advisable to consider buying opportunities in the Nifty at the current market price, targeting potential upside levels ranging from 22,775 to 23,170.
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On the higher end, the resistance is placed at 21,900-22,000 for the Nifty 50.
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JBM Auto formed a robust bullish candlestick pattern on the daily charts with significantly higher volumes, after several weeks of consolidation. The stock traded above all key moving averages.
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Looking forward, immediate resistance levels for Nifty are identified at 21,850, with an additional hurdle at 22,124, representing the life high level. On the downside, crucial support levels lie at 21,350 and 21,100.
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Here's what experts recommend investors should do with these stocks when the market resumes trading on Budget day.
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Container Corporation of India also saw consolidation breakout and formed robust bullish candlestick pattern on the daily charts with strong volumes. The stock traded well above all key moving averages.
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Given the formation of a bullish candlestick pattern for the second straight week, and staying above the downward sloping resistance trendline, the Nifty50 may sustain the upward bias amid consolidation and any dips would be a buying opportunity
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Considering the strong momentum, the index is likely to march towards 20,000 milestone in coming days, provided its holds 19,700-19,800 area, while the crucial support remains at 19,600-19,500 levels, experts said
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Technically, the Nifty seems to be looking strong now. Hence, 19,600-19,700 is expected to be key resistance area initially for the Nifty50 followed by 19,800-19,900 levels
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At the current juncture, the price action in Container Corporation of India is above William alligator (trend following indicator) which is echoing towards further upside in the counter.
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With the continuous nine-day winning streak, the support level continues to shift higher as we now see immediate support in the zone of 17,700 - 17,600; whereas 200-SMA around 17,500 is likely to act as a sacrosanct level
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Bharat Forge, post August 2021, corrected with decreasing volumes. This tells that the stock has weak supply.
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Delivery volume climbed by 5.48 percent over the previous month, indicating strong pricing momentum and the stock touched its new all- time high of Rs 607.9 in the early hours of trade today
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EIH was also in strong momentum, rising nearly 12 percent to Rs 201, the highest closing level since April 2, 2019. The stock has seen formation of robust bullish candle, which engulfed both previous red candles, and the Bollinger Band expanded on both the side and the closing was above the upper band of Bollinger Band. The volume was also strong.
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A formation higher bottoms on the weekly chart and last week's low at Rs 381 could be considered as a new higher bottom of the sequence for KEC International. Weekly 14 period RSI (relative strength index) showing positive indication. One may expect further strengthening of upside momentum in the stock price ahead
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On daily charts, IEX has formed long bullish candle which is broadly positive. But at the same time, the stock is consistently taking resistance near 20 days SMA. The medium term texture of the stock is non-directional, perhaps, traders are waiting for the either side breakout.
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On indicator front, daily RSI, Container Corporation has formed double bottom near 30 levels along with implusive behaviour which means counter is ready for upside momentum. One should buy this counter in small tranche at current market price and another near Rs 600 with upside potential of Rs 700. Support can be expected near Rs 570.
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The overall major trend remains strong as Container Corporation is moving in higher top and bottom formation. The daily weekly and monthly RSI (relative strength index) remains in bullish mode along with positive crossover which supports sustained strength.
