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ITC has formed bullish candle on the daily charts with higher high formation for fourth straight session, with above average volumes for last several sessions. It has given a decent breakout of long downward sloping resistance trend line adjoining multiple touchpoints at higher levels (November 9, November 11 last year, and January 25, 2023).
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The index remained below the 50-day exponential moving average on the daily timeframe, confirming the bearish trend.
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The cigarette maker said it plans to acquire 100 percent of Sproutlife in multiple tranches.
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ITC has given a consolidation breakout on the daily timeframe, suggesting a rise in optimism among the investors.
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The trend seems to be reversing for the IT sector as HCL Tech & Infosys see maximum upgrades in the past one month while HUL and Tata Motors were the top stocks to witness maximum downgrades
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Pent-up demand continues to propel auto stocks, while rising interest rates auger well for financials. However, the anticipated global slowdown is spoiling the party for IT and metal companies
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While a few analysts advise booking some profit now, others suggest it’s only a matter of time before the ITC stock resumes its rally.
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ITC climbed 4 percent to close at Rs 284.35, which is higher than immediate previous top of Rs 282.35 on May 20 this year. The stock formed a big bullish candle on the daily scale with strong volumes. On the weekly basis as well, there was a robust bullish candlestick pattern formation, continuing Higher High Higher Low for third consecutive week.
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Some of the sector’s biggest companies sounded hopeful of revival in the second half of 2022-23 in their interaction with analysts following their earnings announcements
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MRPL has bottomed out at Rs 40 levels with double bottom price formation and currently sustaining at multi-year high with strong volume support on the weekly charts.
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ITC has shown a relative outperformance within the FMCG space in last few weeks. In spite of the market correction in last week, this stock has managed to give positive returns and the '20 DEMA' has been acting as a support
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Power Grid Corporation of India is in a strong uptrend across all timeframes and is approaching an all-time high breakout of Rs 241
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"In the coming week, 17,600 followed by 17,400 are likely to provide some cushion for the index and till the time, we do not close below these key levels, we would continue with our 'buy on decline' strategy," Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One, said
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While the near-term headwinds for the FMCG sector are many, zooming out of them suggests that the industry also faces several challenges in the long term.
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In the current fall, from an investor's point of view, this is certainly an excellent opportunity to bag quality stocks in a staggered manner but for traders, it will be difficult to say that worse is behind, says Sameet Chavan of Angel One
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ITC has strongly rebounded from its one-year multiple support zone, which remains a positive sign
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Experts feel overall the index has been rangebound and the surpassing 17,200-17,300 mark in coming days can be concluded as a completion of recent corrective phase.
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A more-dovish-than-expected monetary policy by the central bank and the easing of Omicron concerns helped the bulls to retain control.
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Karan Pai of GEPL Capital believes that Nifty50 might continue to hover around the 20-week SMA (17,344) and might remain rangebound between 17,200 (multiple touch point levels) and 17,800 (3-week high).
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Here's what Shrikant Chouhan of Kotak Securities recommends investors should do with these stocks when the market resumes trading today.
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Here's what Shrikant Chouhan of Kotak Securities advises investors holding these stocks on trading today.
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Any increase in tax on tobacco related products hits the margin of ITC, but the company has power to pass on the cost to consumers by hiking products prices.
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Although the trend has been extremely strong, we reiterate that one should avoid getting complacent at such elevated levels, says Sameet Chavan of Angel One.
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RSI has indicated some caution in Nifty after run up, but bet on these three stock ideas for double-digit returns in the short term
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If Nifty manages to breach 17,812, we might see it move higher towards 18,011 (1.38 percent extension level of the rise from 14,151-15,915, projected from 15,513), said Karan Pai of GEPL Capital
