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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.
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Exide Industries is currently trading at 52-week – high which tells that the stock already is in strong momentum.
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Elgi Equipments has formed robust bullish candlestick pattern on the daily scale with significantly higher volumes. In fact, the stock has seen not only downward sloping resistance trendline breakout but also Mother candle breakout on the daily charts.
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Craftsman Automation has maintained formation of the Higher high & Higher Low since April 2021. In the first week of May 2023, the stock gave a breakout of the Descending Triangle pattern, indicating continuation of the prior uptrend.
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Zensar Technologies has seen a strong buying interest, rising 13 percent to Rs 384.15, the highest closing level since April 8 last year, and formed robust bullish candlestick pattern on the daily charts, with significantly higher volumes on last both trading days.
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CSB Bank has formed bullish candlestick pattern on the daily scale, with making higher high higher low formation, as it rose over 4 percent to Rs 291.35, but still traded within the range of April 28.
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In the latest week, Aditya Birla Capital has given a breakout of Rounding pattern, indicating a continuation of the trend to the upside.
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GMR Airports has maintained a level above Rs 34 consistently since early October 2021, indicating significant strength despite a market correction.
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Tata Consumer Products which jumped 4.6 percent to Rs 732.5, the highest closing level since February 16. The stock has formed large bullish candlestick pattern on the daily charts with robust volumes, with getting back above 50-day EMA.
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Lemon Tree's stock is currently experiencing a strong uptrend, characterized by a consistent formation of Higher Highs and Higher Lows. This indicates that the stock is maintaining an upward momentum and is exhibiting a positive trend in its price movements.
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PFC shares rallied nearly 6 percent to Rs 166 and formed long bullish candlestick pattern on the daily scale with above average volumes. The stock remained above key moving averages, with making higher highs higher lows for sixth consecutive session.
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Varun Beverages is currently trading near its life-high which tells that the stock already is in strong momentum. The recent breakout of the Rounding Bottom pattern confirms continuation of the prior uptrend.
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Sonata Software added nearly 3 percent gains to end at record closing high of Rs 859, on top of 11 percent rally in previous session, forming bullish candle on the daily timeframe with long upper shadow. The volumes remained robust for last both trading sessions.
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The ratio charts of JK Lakshmi Cement against benchmark Index Nifty is rising which illustrates the clear outperformance of the stock.
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PNB Housing Finance has formed long bearish candlestick pattern on the daily scale after breaking down bearish Flag and Pole pattern, generally indicating may be more weakness going ahead. Further it has decisively fallen below 200-day EMA (Rs 481) as well, though trading volume was slightly below average.
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KPIT Technologies is currently trading at its record high, this illustrates that the stock already is in strong momentum. The stock has already shown a breakout of the Cup & Handle pattern which indicated continuation of prior uptrend.
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BPCL was also in action, rising 2.35 percent to Rs 360 and formed bullish candle with long lower shadow on the daily charts, indicating support-based buying in the stock. The trading volumes remained strong in last three days, with the stock coming back above all key moving averages.
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KPR Mill, which has shown a bullish trend since March 2020, has recently undergone a correction but has not fallen below the 38.20 percent Fibonacci retracement level of the previous upward movement. This suggests a positive sentiment and potential for further upward movement.
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Elgi Equipments shares gained 2 percent at Rs 478 and formed bullish candle with long upper wick on the daily charts, indicating profit booking at higher levels. The stock has seen higher high higher low formation on the daily charts, with above average volumes.
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Balrampur Chini is currently nearing its 3-month's high which tells that the stock already is in strong momentum. The stock in the latest week broke out of Inverse Head & Shoulder pattern, signaling a beginning of the trend to the upside.
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Mahanagar Gas was the star performer, rising nearly 9 percent to Rs 986 and formed robust bullish candle on the daily charts with significantly higher volumes. The stock has been making higher highs higher lows formation for fifth consecutive session, with trading above all key moving averages.
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Procter & Gamble Health shares had a robust gap up opening on Monday, rising nearly 15 percent to Rs 4,703, the highest closing level since February 16, 2022. In fact, the gap up opening has helped the stock climb over all long term moving averages (50, 100 and 200 EMA). The stock has formed strong bullish candlestick pattern on the daily charts with healthy volumes.
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We might see the Nifty50 heading higher towards 15,910 and eventually 16,303 levels (100% extension level of the rise from 13,596-15,431 projected from 14,467), says Sawant.
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From a medium-term point of view, we might see Nifty move towards 15,838 levels if it sustains above the 15,431-mark. Our bullish view will be reevaluated if the index breaches below the 14,977 levels.
