Traders should closely monitor this level, as any breach could lead to further downside, and the market might see a sell-off in auto stocks.
We are seeing noticeable traction in the FMCG counters and ITC is trading in sync with the move. It has formed a buying pivot, after registering a breakout from bullish continuation pattern.
Spot silver was steady around $28.30 at the time of the MCX closing. The MCX December silver contract at Rs 73,700 was up around 0.07 per cent.
PI Industries is in a strong uptrend and holding the gains at higher zones.
Spot gold was trading with a gain of around 0.20 per cent at $2514 at the time of the MCX closing. The MCX October gold contract at Rs 71,903 (LTP) was up 0.38 per cent.
The Nifty Bank Index is currently range-bound between the levels of 51,375 and 51,175. A breakout or breakdown from this range will likely trigger momentum in the respective direction.
Oil prices showed marginal recovery on Monday to settle a per cent up at $68.71, following its worst weekly fall since October 2023 as WTI fell 8 per cent and Brent was down 10 per cent.
Over the past 7-8 weeks, Laxmi Organic Industries has been trading within a relatively narrow range of approximately Rs 235-270, indicating a period of consolidation.
The recent correction in the Nifty 50 index should be seen as a pullback within an overall bullish trend on short-term charts. The best trading strategy for both traders & investors is to buy on dips.
Long build up is seen in the M&M Finance futures during the September series till now where we have seen 7 per cent rise in 'Open' interest with price rising by 5 per cent
The Nifty IT Index is currently displaying signs of nearing a critical resistance level. The immediate resistance level to watch is 43,200
The pharma sector is showing notable resilience, with Biocon taking the lead. The stock has broken out from a bullish rectangle pattern, accompanied by a strong surge in volumes
ICICI Prudential has formed an Ascending Triangle with a Breakout near the ATH Price on daily chart indicating buyers are squeezing out the sellers and are ready for a bullish move
The Nifty PSU Banks Index is currently range-bound, oscillating between the levels of 7,090 and 6,910. This indicates a phase of consolidation, where the index lacks clear direction
CEAT is on the verge of breaking out from inverted head and shoulder pattern on the daily chart. Price rise was accompanied by healthy volumes
Recently, Allcargo Logistics has formed a bullish Bat pattern, which is a harmonic chart pattern known for indicating potential reversals.
For near-term traders, the optimal strategy is to book profits at current levels, given the proximity to resistance.
Fortis Healthcare's stock price today surged after the healthcare company said that it will buy the entire 31.52 per cent stake held by private equity investors in the material wholly owned subsidiary
August was an action-packed month, initially marked by sharp declines as prices corrected from 25,000 to 24,000 in just three days
The Nifty Midcap Select Index has recently approached its resistance level at 13,200. This level is likely to act as a barrier to further upward movement, causing the index to halt its rally