The stock price has already broken out on the daily chart on 6th January. Moreover, insurance as a sector is showing strength on the chart
Analysts see up to 23 per cent upside in the stock over its last close of Rs 102.30
Upside target for Nifty is seen at 14,300 odd levels, which happens to be the 138.2 per cent Fibonacci retracement of the downswing seen from 12,430 to 7,511
The recent recovery seems more like a dead cat bounce which could last for some more time but it would be advisable to remain cautious at higher levels. Nifty has got strong resistance at 13,600
With corporate asset quality cycle behind and Covid-19 impact fairly contained, analysts at Nomura think front-line banks will see faster-than-expected return on equity (ROE) recovery in 2021
As far as support is concerned, 13,145 is a crucial level to watch out for
Primary trend of the Bharat Forge stock is positive where its price is trading above all important moving averages
Stock price has broken out on the daily chart with higher volumes where it closed at nine-month high
Nifty50 index also remains above the 20-day SMA and has now closed at a new life time high after clearing the recent highs of 12,963
The stock price has broken down on the daily chart with higher volumes where it closed at the lowest level since 03 November
Trading longs should be held on with the stop loss of 12,700 levels. We expect midcaps to outperform in the coming days.
Long build up is seen in the Exide Futures' where we have seen 7 per cent rise in the Open Interest with price rising by 4 per cent
At current levels, midcap and smallcap stocks look more attractive than largecaps
Trading longs should have stoploss at 11,700 in Nifty
Short term trend of HPCL stock has turned positive where it is trading above its 5 and 20-day EMA
Nifty is forming a symmetrical triangle with "shortall" in place on the daily chart, which indicates that the chances of bullish breakout is higher than the bearish breakout
Long build up is seen in the L&T Futures' till now in the October series where we have seen 23% rise in the Open Interest with Nifty rising by 10%
BankNifty index has broken out from the "Flag" pattern on the daily chart, which indicates a fresh momentum buying the Banking stocks
Previous top on the daily charts is placed at 11,794, which is likely to provide support to the index
Automobile demand has reached the pre-Covid levels across the sectors, including two-wheelers, passenger cars and tractor segments, HDFC Securities said in a report