Except Sun Pharma and Lupin, others have grown significantly and are showing less reversal signals.
Major hits were seen in front runners such as ACC Ltd, Ashok Leyland, and HDFC.
Most stocks are witnessing selling pressure at higher levels. If that gets conquered, a fresh upside of 3-5 per cent is expected to happen.
Except Voltas and Britannia, others may see selling pressure on every upside.
Except BPCL, the others show a weaker trend. However, the correction seems to have slowed down.
IRCTC has risen over 50 per cent in just eight sessions. Bajaj Finance, YES Bank and Godrej Properties have also rallied in trade since the last few sessions. Here are the trading strategies
A successful close above Rs 1,500 can take the counter towards Rs 1,617 levels, which is its lifetime high level
Hindustan Unilever may rally towards Rs 2,300 if it trades above Rs 2,150 levels.
Godfrey Phillips is approximately Rs 100 away from the lifetime high of Rs 1,572 level.
Consolidation in Axis Bank may see breakdown if the counter closes below 100-DMA for two consecutive days.
The pattern consists of a shape that have three peaks which are categorised into the left shoulder, head and the right shoulder.
In Nifty, traders are advised not to be adventurous by taking positions against the major direction
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
In the last several years, the stock has crossed Rs 480 for about five times during intra-day but could never close above the level
The target level is usually the difference between the low of the rounding bottom and the price where the actual breakout happened.
A look at what technical charts indicate for these stocks.
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
Gaps are areas on a technical chart where the price of a stock (or another financial instrument) moves sharply up or down, with little or no trading in between
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
Analysts said many stocks in the BSE 500 universe have broken their crucial support levels and it is difficult for them to bounce back in the near term