On daily and weekly charts, Skipper has formed double bottom formation. Post short term correction, the stock took the support near Rs 55 and bounced back sharply.
The RSI indicator plotted on the weekly charts is moving upward from oversold region and it is sustaining above 40 mark with the formation of higher low indicating positive momentum of Avanti Feeds.
If the Nifty slips below 15,671 in the coming sessions, it can fall to 15,000, experts have said
After consolidating for more than four months, Kotak Mahindra Bank has given a breakout of a triangle pattern on the daily chart.
The volatility index climbed above 24 levels, giving comfort to bears. Hence, it has to fall below the 20 mark to have a stable market. India VIX was up by 2.24 percent to close at 22.80 levels.
Eicher Motors is in a consolidation phase as the prices have been oscillating within a broad channel. Until the stock surpasses above the resistance of the channel, one should avoid bottom fishing here and existing longs, too, can be lightened on pullback move towards the resistance zone.
Varun Beverages is in strong bullish momentum where it is consolidating above its 20-DMA amid weakness in the overall market. It is likely to break out on the upside to resume its uptrend.
Volatility inched up further. India VIX, which measures the expected volatility in the market, rose 1.22 percent to 22.30 levels
HDFC Life Insurance, HUL, Britannia, Wipro, UltraTech Cement and Indus Towers are among the ten stocks in which foreign broking houses cut the target price.
Tata Teleservices is consolidating in a triangle formation and has started moving higher after finding support near Rs 120. The RSI is neutral as it finds support near the 50-mark
NOCIL is placed above 20, 50 and 200-day EMAs, which indicate a bullish trend in all time frames. Indicators and oscillators like RSI, DMI and MACD are showing strength in the current up move
Volatility increased further and climbed above 22 levels, which experts say can bring more volatile swings in the market
ITC has shown a relative outperformance within the FMCG space in last few weeks. In spite of the market correction in last week, this stock has managed to give positive returns and the '20 DEMA' has been acting as a support
The refining business was the key driver of the performance for RIL in the March quarter.
Power Grid Corporation of India is in a strong uptrend across all timeframes and is approaching an all-time high breakout of Rs 241
On May 6, Hero MotoCorp saw a smart surge despite the selloff in the market. The stock has confirmed a higher top, higher bottom formation on the daily chart
Despite being late in trading the fall, we can profit from it by limiting the loss potential using a staggered options strategy, says Shubham Agarwal
Experts feel the consistent weakness for the fourth consecutive week is a clear indication of bears' dominance in the market, which could bring down the index to 16,150-16,000 levels.
Cholamandalam Investment and Finance, Reliance Industries, ICICI Bank, Adani Ports, Tata Steel, Godrej Properties, Mahindra & Mahindra Financial Services, Maruti Suzuki, SBI Cards & Payment Services and IndusInd Bank are among the top 10 stocks for which foreign brokerages raised the target price.
Technically, the medium term chart formation in Tech Mahindra is still on the weak side but due to temporary oversold situation, a sharp pullback rally from the current level is not ruled out.
Power Grid has made fresh life time highs this week and is sustaining at higher levels which shows strong strength of the stock. On weekly charts the stock has been taking support at 20 week SMA since November 2020 indicating bullish undertone for the medium to long term.
Experts say if the index sustains above Thursday's low of 16,623 levels in the coming days, then consolidation can be seen, while decisive breaking of 16,900 levels can take the index to above the 17,000-mark.
Indian Hotels Company, Coromandel International, Nippon Life India Asset Management, AU Small Finance Bank, Mahindra Logistics, Laurus Labs are among the top 11 mid and smallcap stocks Sharekhan expects will clock double digit returns.
The price action on the daily chart of Vedanta in the last few days has led to the formation of a ‘Head and Shoulders’ pattern. This pattern, which is formed after a significant uptrend indicates a change in short term trend and hence we expect some price correction in the stock in near term.