co-presented by
ASSOCIATE SPONSORS
co-presented by
ASSOCIATE SPONSORS
Stock analysis is used by traders to make buy and sell call. It’s an approach to make informed decisions while investing in stocks. Stock analysis can be categorised into – fundamental analysis and technical analysis. Fundamental analysis is evaluation of data from sources, including financial records, economic reports, company assets, and market share. Analysts typically study the company’s financial statements – balance sheet, income statement, cash flow statement, and footnotes. These statements are made available to the investors in the form of quarterly earnings, disclosures to stock exchanges in compliance with the Securities and Exchange Board of India (Sebi) norms. In fundamental analysis, the analysts particularly check for a company's core income, income from other sources, profitability, guidance, assets and liabilities and debt ratio among other parameters. The other method, i.e. the technical analysis focuses purely on statistical data. It works on two assumptions; one, the stock price reflects the fundamentals. Second, the study of past and present movement in prices can help determine the future price trends. Technical analysis primarily deals with price, volume, demand and supply factors. This method is effective only when supply and demand forces influence the market. However, when outside factors are involved in a price movement, technical analysis may not be successful. More
The market is expected to consolidate before entering a fresh leg of upmove. Below are some short-term trading ideas to consider.
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.
The decisive close above 24,400 is likely to be crucial for a further uptrend, while the bears may turn strong if the Nifty 50 breaks 24,200. Here are some trading ideas for the near term.
Looking forward, the immediate resistance for Nifty is identified at the 21,500 levels, representing the 78.6 percent Fibonacci extension level.
Nifty is trading below its significant moving averages, indicating a bearish trend.
Vinay Rajani of HDFC Securities expects market to remain choppy as far as benchmark indices are concerned. However, stock specific bullish actions may continue to be there.
For a further up-move, the index needs to close above a bearish gap created on September 21 in the 19,850-19,900 zone for a move towards the 20,000 mark, whereas on the lower side, the immediate support will be at 19,600, followed by 19,500, experts said
Traders are strictly advised to hedge their long positions since any escalation in the ongoing geopolitical crisis might reverse the markets without any intimation.
Considering the momentum in key sectors, if the Nifty50 decisively surpasses 19,500, then 19,650 is expected to be the crucial area for sharp up-move, while the critical support remains at 19,300-19,250, experts said
A conclusive break above the 19,700 levels on Nifty, especially on a closing basis, would potentially open the path for further upward movement, with an eye towards the 20,000 mark.
Vinay Rajani of HDFC Securities believes that positional trend of the Indian markets is bullish and dips should be bought in to.
The overall structure of HBL Power Systems looks lucrative as it trades above its all-important moving averages.
RITES surged nearly 9 percent to Rs 380 and formed robust bullish candlestick pattern on the daily scale with large volumes, trading above all key moving averages (21, 50, 100 and 200-day EMA). It has decisively broken more than a month long consolidation.
Nifty stands at the strong polarity support of 16,800 – 16,750 levels, failing to hold which the index is likely to see a further correction towards 16,450 – 16,400 zones
RITES was also in action, rising 5.7 percent to Rs 371 and formed strong bullish candle on the daily timeframe with above average volumes. The stock held above all key moving averages since the breaking out of long downward sloping resistance trendline adjoining highs of November 4, 2022 and February 1, 2023.
In coming sessions, 17,700-17,800 levels (5 and 21 EMA) are expected to be next resistance area for the index and if the said levels get passed then psychological 18,000 mark which coincides with 20-day SMA is likely to be a crucial hurdle, with the support at 17,400-17,255 area
Suprajit Engineering has been bucking the trend from the beginning of February month. It has been moving steadily after forming a strong base around Rs 320.
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.
Karnataka Bank is in a strong uptrend, and it has given a breakout of a flag pattern formation on the daily chart. It has witnessed a multi-month breakout on the longer time frame.
RITES was up 9 percent to end at record closing high of Rs 410 and formed strong bullish candle on the daily charts with above average volumes. On monthly scale, it has been forming long bullish candle for fifth straight month
Triveni Engineering was also in action, rising nearly 4 percent to Rs 286.35 and moved closer to the high of September month, forming strong bullish candle on the daily charts with above average volumes.
Post breakout from the rounding bottom pattern in August 2022, Jyothy Labs prices retested the neckline and have shown a bounce on upside pointing towards beginning of the trend on the upside.
Jindal Steel & Power gained 3.6 percent at Rs 418.2, continuing uptrend for the third consecutive session, while Mazagon Dock Shipbuilders rallied 7.7 percent to end at record closing high of Rs 461.85, forming a bullish candlestick pattern on daily charts.
Star Health & Allied Insurance Company has bottomed out with a V-shape recovery and now it is likely to form a bullish Inverse Head and Shoulder formation in recent pullback as Rs 660-640 is a strong demand zone.
Neeraj Chadawar of Axis Securities believes that the equity will continue to trade on higher multiples for some more time.
