By surpassing 17,428, the Nifty has formed higher top preceded by higher bottom. The Nifty has also surpassed the resistance of the 50 per cent retracement of the entire downswing seen from 18,096 to 16,747. The next resistance for the Nifty is seen at 18,000-18100 zone. The support zone for Nifty has shifted up to 17,200-17,300.
Targets: Rs 1,290; Rs 1,340
The stock has broken out from symmetrical tringle pattern on the daily chart with jump in volumes. The BankNifty has been outperforming and same is expected to continue. Further, the stock price is trading above all important moving averages, which indicates bullish trend on all time frames.
For the week ended October 07, 2022, the stock broke out from the Flag pattern on the weekly chart with rising volumes. The stock price has surpassed the long term resistance of Rs 310 on closing basis. Indicators and oscillators have been showing strength on the weekly charts.
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).
 "NSE, national stock exchange, nifty50")
