Cummins India rose 3.4 percent to end at record closing high of Rs 1,293 on Friday, and forming three white soldiers kind of pattern on the daily charts with large volumes. In fact, it has broken the consolidation of several weeks on Friday.
If the Nifty50 holds current levels and surpasses 17,200-17,300 in coming sessions, then 17,500 can be a possible target with crucial support at 17,000 followed by 16,800-16,750 levels
Vedanta was the biggest gainer in the futures & options segment, climbing 10 percent to Rs 305.60. It has seen formation of bullish candlestick pattern on the daily charts with robust volumes.
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Colgate Palmolive formed strong bullish candle on the daily scale with robust volumes as it jumped nearly 4 percent to Rs 1,630, the highest closing level since May 2. The stock has also seen a breakout of long downward sloping resistance trendline adjoining July 23, 2021 and May 2, 2022.
Given the expiry week, there could be volatility with also focus on global cues. If the index fails to sustain Friday's low of 17,710 then we can see further selling pressure, experts said.
BASF India share price gained 5.4 percent to close at Rs 3,089.1, the highest closing level since March 31, 2022 and formed big bullish candle with large volumes on the daily charts. Also it has broken the long downsloping resistance trend line (adjoining August 11, 2021 and October 18, 2021) on Monday.
JK Cement is witnessing a smart bounceback with a rounding bottom formation and it managed to close above its 100-DMA. On the upside, Rs 2,500 is an immediate hurdle. Above this, we can expect a move towards its 200-DMA.
Occurrence of a ‘Bullish Hammer’ on weekly scale near the confluence zone of a multi support area of its 200 week EMA reconfirm the strength of its ongoing channel support zone in Zensar Technologies. Trend strength indicator RSI too exhibits a positive crossover along with a likely trend break
Crompton Greaves Consumer Electrical, falling 4.91 percent to Rs 407.45 per share, was the top loser in the NSE derivative segment. The scrip had gained nearly 13 percent in previous four sessions.
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Motilal Oswal recommended Neutral rating on Aegis Logistics with a target price of Rs 375 in its research report dated July 15, 2021.
Motilal Oswal is bullish on Aegis Logistics recommended buy rating on the stock with a target price of Rs 400 in its research report dated May 29, 2021.