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Zomato ended at new closing high and formed long bullish candlestick pattern on the daily scale with above average volumes. The stock traded above all key moving averages.
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The RSI Smoothened indicator that recently witnessed a dip has turned northward and is flashing fresh buy signals. In the week beginning April 1, close attention will be paid to the all-time high levels above 22,500, as hesitation was evident at these levels
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HDFC Bank has seen a decisive breakout of downward sloping resistance trendline adjoining highs of January 16 and March 7 and climbed above 10-day and 21-day EMAs (exponential moving averages).
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Experts expect the momentum to sustain in the coming weeks, too, with immediate resistance at 22,500-22,600, followed by the medium-term target of 23,000, provided it holds the upward sloping resistance trendline
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One can add longs in HDFC Bank in the zone of Rs 1,400-1,425 for upside target of Rs 1,500 and stop-loss would be placed near Rs 1,368 on daily close basis.
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Expert anticipates a strong rebound in the Nifty Bank index during the February 2024 derivative series if the 45,000–44,000 support holds.
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Sun Pharmaceutical Industries formed strong bullish candlestick pattern on the daily timeframe with healthy volumes, despite sharp market correction. The stock traded above all key moving averages.
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HDFC Bank has traded way below all key moving averages (20, 50, 100 and 200 EMA - exponential moving averages) due to single-day big fall, while the stock is 77 rupees away from the low of October 2023 (Rs 1,460).
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HDFC Bank has decisively broken its downward sloping resistance trendline adjoining highs of July 3 and September 15, and formed bullish candlestick pattern with lower shadow on the daily scale.
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Expert expects to see derating in smaller PSBs as the surge in other income, the primary driver of superior RoE (return on equity) in FY23 could be transient.
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Viraj Vyas advises creating a non-directional spread in Nifty50 by selling 1 lot of 19,100PE and 1 lot of 19,500CE.
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There weren’t any surprises in the Governors’ statement. Sometimes no news is good news, which is why markets have reacted with a slightly positive bias, says Apurva Sheth, Head of Market Perspectives & Research at SAMCO Securities.
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Avenue Supermarts has seen a breakout of downward sloping resistance trendline adjoining highs of June 19 and September 14 this year, and has formed strong bullish candlestick patttern on the daily timeframe with robust volumes. The stock climbed 4 percent to Rs 3,873.
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Looking ahead, the Nifty50 may continue to follow a bearish trend as long as it remains below 19,500, with initial support likely around 19,330.
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Experts are not worried due to this market fall, in fact, it gives an opportunity to pick quality stocks including rate sensitive stocks on dips.
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The market seems to have reacted to the MPC move as the benchmark indices rallied sharply in the previous session to hit the highest level of current calendar year. Today, the Nifty and Sensex turned volatile
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Indian Hotels Company is on the verge of a breakout from a big sideways consolidation range. The stock's immediate hurdle is at Rs 330, and once it surpasses this level, we will witness a sharp move on the upside towards Rs 340-350 zone.
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With the rate pause, there will be some respite for large debt companies, growth stocks, small and mid-cap space companies, and specific sectors like consumer durables and real estate in the medium term
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The monetary policy acts with lags, it may take 3-4 quarters for the policy rate to be transmitted to the real economy, and the peak effect may take as long as 5-6 quarters, said Dhiraj Relli of HDFC Securities.
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Experts predict a lot of volatility given the Union Budget week, but if the Nifty manages to hold the 50 WEMA, then there are fair chances that the index can easily surpass the 17,800-18,200 zone in the coming days, followed by 18,500
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Experts feel the 17,800-18,200 range is expected to break on either side after the announcement of the Budget, hence, if the Nifty breaks 18,200, then 18,500 is the level to watch out for
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The banking index has been showing outperformance and is continuing its uptrend after some consolidation. Among private sector banks, Axis Bank is showing strength and has given a breakout above its previous swing high resistance.
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"As per the short term chart pattern, we feel the index will make an attempt to reach its resistance of 17,800 followed by 18,115. Our bullish view shall be negated if we see prices sustaining below 17,350 level," said Vidnyan Sawant, AVP - Technical Research at GEPL Capital
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Gujarat Alkalies and Chemicals on the weekly chart has taken a support on the rising trendline which confirms buyers strength at the lower levels. The stock on the daily chart has been consolidating in a tight range and is on the verge of a breakout.
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Oscillators on the higher timeframes indicated the sentiments are positive, but the lower timeframes (one hour and below) indicated negative sentiments which can be a sign of overbought and hence some setback can't be ruled out especially after 4 percent run up last week and 10 percent rally from June lows, experts said
