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This week, 18,650-18,700 is expected to be a crucial hurdle and, if the index decisively surpasses this area, then 18,800-19,000 levels can't be ruled out
Broking firm Axis Securities picked ICICI Bank, Maruti Suzuki India, State Bank of India, Varun Beverages, and ITC with an upside of up to 22 percent in the month of June 2023.
The entire Healthcare space has been buzzing and seems to be finding its mojo back. Along with pharmaceutical companies, ‘Apollo Hospitals’ too performed well throughout this week.
Going ahead, the recent high of 18,662 would remain an immediate trigger for the bulls. A sustainable move above the same might result in a new life high for the Nifty50.
Redington shares jumped 5.6 percent to Rs 184, the highest closing level since February 6 and formed strong bullish candlestick pattern on the daily scale, with above average volumes. The stock has seen a breakout of horizontal resistance trendline adjoining multiple touchpoints.
Olectra Greentech has sustained well post showing a “V Shape” recovery from the lower levels of Rs 374.10 (February 2023). A fresh breakout of the Bullish Pennant pattern can be observed on the weekly charts.
Analysts say outlook remains bullish for KPIT Technologies, which stock price has experienced a strong upward movement after breaking out from the ascending triangle pattern at Rs 948
Dixon Technologies jumped over 5 percent to Rs 3,878.75, the highest closing level since January 3, 2023, and formed long bullish candlestick pattern on the daily scale with above average volumes. Largely, the stock has seen healthy uptrend in the second half of May.
LTIMindtree has experienced a double bottom breakout, which is a bullish signal indicating a potential upward movement in price. Additionally, it has been able to sustain above its near-term 21-day exponential moving average (21EMA), further strengthening the positive outlook.
Birla Corporation shares rallied 7 percent to Rs 1,092, the highest closing level since September 20 last year and formed robust bullish candlestick pattern on the daily charts with significantly higher volumes. The stock has been making higher highs, higher lows for third consecutive session.
Dreamfolks Services has witnessed a breakout of the triangle formation after a long consolidation. It has also successfully come out of the listing date high of Rs 550 with huge volume. It is trading above all important moving averages.
IIFL's Sanjiv Bhasin said he does see a sharper-than-expected correction in the second half of June, which will be a good time to exit some positions. However, he reiterated his belief of hitting 21,000 on the index anytime between July and September.
Primary trend of Marico has been bullish as it has been forming higher tops and higher bottoms on weekly charts. Stock price has been finding support on its 50-day EMA.
Mahindra Lifespace Developers has formed long bullish candlestick pattern on the daily timeframe with robust volumes and making higher tops, higher bottoms for second straight session. The stock climbed 8.3 percent to Rs 440, the highest closing level since October 12 last year.
The 18,350-18,400 levels are expected to act as a strong support zone and if held in the forthcoming week, the Nifty will start moving towards 19,000 levels, according to experts
The stock has reported highest monthly gains since last July. The rally in May was seen after witnessing consolidation for previous the two months
HDFC AMC has formed healthy bullish candlestick pattern on the daily charts with above average volumes, after Tweezer Bottom candlestick pattern formation in previous session, which is generally a short-term bullish reversal pattern. The stock climbed 5 percent to Rs 1,856 on the NSE.
Cummins India has been a steady outperformer in the capital goods space for the last many months now. The stock has seen a series of ‘Higher Highs Higher Lows’ in all time frame charts without any major correction.
Persistent Systems has been one of the most resilient names as the IT index has been going through turmoil for almost 18 months. The stock has staged a breakout from ‘Cup and Handle’ pattern and is expected to head towards Rs 5,600-5,700
Zomato shares gained 4.4 percent to settle at Rs 67.30, the highest closing level since December 2 last year, and formed long bullish candlestick pattern on the daily scale with above average volumes. The stock has given a nice breakout for the Mother candle of May 9, which is a positive sign, with trades above all key moving averages.
Exide Industries is currently trading at 52-week – high which tells that the stock already is in strong momentum.
Mahindra CIE Automotive was also in action, rising 4.7 percent to end at record closing high of Rs 474.3 and formed long bullish candlestick on the daily charts with huge volumes. The stock has broadly maintained higher highs higher lows formation since the end of March.
Engineers India stock has experienced a consolidation breakout on the daily chart, indicating a potential shift in its price trend.
The stock also formed bullish candlestick pattern with long lower shadow on the monthly charts, indicating buying at lower levels, with continuing higher highs formation for fifth consecutive month.
Divis Laboratories continued to see healthy volumes for yet another session. It jumped 3.7 percent to Rs 3,385.8, the highest closing level since May 10 and formed long bullish candlestick pattern on the daily scale for second consecutive session.