Analysts at Elara Capital analysed market breadth cycles in India stock markets in the last few years and highlighted the worrying points that are developing for the first time in five years.
Analysts expect the markets to remain volatile in the immediate short-term in the backdrop of tepid corporate earnings, Rupee movement and Donald Trump's tariff threats.
Technical charts show that the key momentum oscillators on Oil India and Campus Activewear are turning favourable, hence the stock may trade with a positive bias in the near-term.
Technical chart suggest that Muthoot Finance, Manappuram Finance and IIFL may witness some downward pressure in the near-term, and dip up to 17%; check key levels to track here.
The key support for the BSE Sensex stands at 76,300; whereas, the NSE Nifty 50 index could test 23,300 or dip to 23,150 levels; suggests technical chart.
On Thursday thus far, Nifty Bank, Nifty PSU Bank and Nifty Financial Services quoted with losses up to 0.8% in a slippery market; technical charts hint up to 8% potential upside on these indices.
Thermax was seen testing the super trend line support on the monthly scale for the first time since January 2021, while Timken India after September 2019; for trading guide check key levels here.
Technical charts show that shares of Infosys, ICICI Bank, Dr. Reddy's, Eicher Motors and Shriram Finance can potentially rally up to 15% from here on as Nifty attempts a pullback towards its 100-DMA.
The NSE Nifty is on the verge of a positive breakout after a gap of nearly 1.5 month; technical chart suggests the index could rally all the way to 24,250 levels.
Technical charts suggest that HEG stock is likely to witness another 25 per cent fall from present levels; while Nuvama Wealth could witness a relief rally towards Rs 6,125.
The Nifty Realty index has surged 14% in the last 7 trading days, with select stocks rising up to 27% in anticipation of a rate cut in the upcoming RBI Policy. Here's technical view on realty stocks.
The Nifty Metal index was seen testing the 100-WMA (Weekly Moving Average) support for the third time in the last 4 weeks. Similarly metal stocks too are testing long-term supports; check levels here.
On the upside, the Sensex needs to trade consistently above 78,150, and the Nifty above 23,600 for continuation of the pullback rally; suggests the technical charts.
Technical charts suggest the BSE Sensex can potentially surge to 80,600; while, the Nifty MidCap and SmallCap indices can rally up to 5 per cent from present levels.
Derivative market update for February 1: Data shows that FIIs hold 8 short positions in index futures for every long trade; retail, DIIs, proprietary traders hold bullish bets.
On the last 3 Budget days, the Nifty ended marginally in red; the NSE benchmark has ended lower on 5 out of previous 7 occasions when finance minister Nirmala Sitharaman presented the Union Budget.
Technically, this Rakesh Jhunjhunwala-backed stock is seen headed towards its monthly trend line support; break of the same can invite a further fall at the counter. Check key levels here.
Technical charts indicate that shares of ITC, Godfrey Phillips, VST Industries, Delta Corp and United Breweries could slide up to 28% from present levels. Check key levels here
Technical charts show that the large-cap IT stocks can fall up to 14% from present levels, while the Nifty IT index can shed another 6%.
Technical chart shows that L&T, NTPC, Jain Irrigation seem to be placed favourably, while Siemens and Power Grid Corporation look weak. Here are the key levels to watch out on these 5 shares.