Marico's stock has provided breakout from a cup and handle pattern on the daily chart
The stock of ICICI Bank has breached its major rising channel on the downside and also provided breakdown from its double top pattern on the daily chart
The volatility India (VIX) has fallen below 40 levels, which is giving comforts to the bulls
Bharti Airtel's move remained resilient during the downtrend which the market witnessed in the current calendar year
The stock of Coal India, after completing its up move, has provided breakdown from a rising wedge pattern on the daily chart
Technically, the Nifty has managed to surpass the '20-day EMA' for the first time since Feb 24. Looking at the way charts are shaped up, Nifty can extend towards 9,500-9,700 over the next few days.
Stock of Lupin is showing sign of oversold on RSI indicator. Breakout from the level of 638 would lead stock to witness more upward movement.
As per weekly option data, handful of call unwinding on higher strikes ranging from 10,000 to 10,300 can be seen which shows Nifty is losing its resistance in sub 10,200 zone.
Rising cases of Coronavirus outside China and its impact on economic growth has put investors in negative sentiments.
The previous bottom on the Nifty daily chart is placed at 11,614, which can also act as far support.
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
Once Nifty surpasses 12,160, we may see Nifty retesting of 12,220 - 12,250 levels
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
The RSI of SBI Life indicates a trend reversal to signal a buy and with decent volume participation witnessed.
Technical calls from Vinay Rajani, Technical & Derivatives Analyst, HDFC securities.
IRCTC has given a decent rally recently and now, after a brief consolidation, has again given a breakout and we anticipate further upside move in the coming days
Nifty is expected to bounce or retrace 50 per cent of the recent fall. Hence a bounce till 12,150 can't be ruled out.
The weekly trend in Nifty and BankNifty continues to be down. The support for the week is seen at 40,300/11,820, while resistance is seen at 41,980/12,380
With the chart looking promising, we suggest to buy Hindalco and accumulate the stock with an upside target of Rs 220-225 keeping the stop loss near Rs 180 levels.
The range of 12,000-12,050 is a strong resistance zone for the Nifty, which should be taken out on a closing basis to negate the bearish trend.