Mastek rose 6 percent to Rs 1,888, the highest closing level since September 13 last year, and formed long bullish candlestick pattern on the daily charts, with above average volumes. The stock has seen a decisive Mother candle breakout on the higher side on Friday, indicating potential continuation in the uptrend.
Chalet Hotels shares gained more than 3 percent to end at record closing high of Rs 417.45, and formed bullish candle on the daily timeframe with significantly higher volumes. Overall, the volumes remained strong throughout last week.
Engineers India shares rallied over 6 percent to hit a multi-year high Rs 97.5 and formed bullish candlestick pattern on the daily scale with good volumes. The stock has seen higher tops, higher bottoms formation for second consecutive session.
Punjab National Bank traded above all key moving averages, with making higher tops for fifth straight day. The stock gained nearly 4 percent to settle at Rs 52.25, the highest closing level since January 31, 2023, and formed bullish candlestick pattern on the daily charts with above averages volumes.
Borosil Renewables has decisively seen Flag pattern breakout on April 20 with 7 percent rally, followed by another 4 percent upside on April 21. The stock on both days has formed long bullish candlestick pattern on the daily charts, getting back above 50 and 100-day EMA on closing basis and hitting 200-day EMA intraday on Friday.
Olectra Greentech which surged more than 19 percent to Rs 480, the highest closing level in last one month, and formed strong bullish candle on the daily scale with significantly higher volumes, continuing uptrend for second straight session after taking support at low of September 21, 2021 in previous session.
The major trend deciding level for the Nifty is 18300 on the higher side. Any strong close above this level may create a stronger momentum on the upside for the index that may eventually lead the index to surpass its previous highs.
Godrej Properties, DLF, Prestige, and Indiabulls Real Estate are looking good. The chart pattern indicates that we can expect the momentum to continue and further higher levels are likely for real estate stocks, says Palviya.
The range for the July series is at 16,000-16,500 on the upside and 15,500 –15,300 on the downside, says Palviya.
The Nifty is expected to remain in an uptrend to sideways zone until it breaks 10500 on the downside. For the week, we expect Nifty to trade in the range of 11400-10700 with a mixed bias.
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The Nifty is trading above 20 and 50-Day SMA's which important short-term moving average, indicating a positive bias in the short-term.
The market has witnessed a broad-based buying action seen across all the sectors and the Nifty50 is set to give a breakout above 10,200 in the coming week, Axis Securities' Rajesh Palviya told Moneycontrol.