The stock of Wipro is also trading well above its short-term and long-term moving averages
The stock of SBI Cards has taken support near 770 levels to make a double bottom formation pattern in the daily chart and has picked up momentum to improve the bias
The momentum indicator RSI has also breached the falling trend line and MACD provided a fresh buy crossover on the daily chart which hints of further positive momentum in Divis Labs
HDFC Life has been gradually inching higher, after spending nearly a month in consolidation range, while holding strongly above the support zone of the long term moving (200 EMA) on the daily chart
The RSI indicator of DCB Bank has shown a trend reversal and has indicated strength to maintain a positive bias
We can witness short-covering move along with addition of fresh position only if Nifty breaches 12,300
Jubilant Food's stock has reclaimed its short-term 21-DMA which was placed at 2230 levels. The momentum indicators and oscillators have turned positive on the daily chart which hints at a strong pull
Avenue Supermarts (DMart) is witnessing a breakout from its bullish flag pattern. Further buying momentum would be witnessed if it moves above 2,300
The stock of Voltas has provided a fresh breakout from a pennant pattern on the daily chart and has also been trading in a rising channel
The stock of Reliance Industries (RIL) has recently corrected well and now has shown signs of bottoming out near 2,000 levels
As per weekly option data, huge call writing is witnessed on higher strikes ranging from 11,700 to 12,000 which shows Nifty is going to face resistance at 11800
The auto pack is largely trading in tandem with the benchmark and most stocks have recovered to their pre-Covid levels
The stock of Motherson Sumi has formed a decent base near 102 levels, almost making a double bottom pattern, and has currently given a spurt to indicate strength
Adani Gas stock is on the verge of a major breakout from a symmetrical triangle formation on the daily chart
As per weekly option data, handful of put writing on lower strikes ranging from 11,600 to 11,800 is witnessed which shows Nifty would face firm support in the sub11,800 zone
BankNifty index has broken out from the "Flag" pattern on the daily chart, which indicates a fresh momentum buying the Banking stocks
Among the private banking names, IndusInd Bank has been trading in a congestion zone and its chart pattern is showing the potential of a breakout in near future
A fresh put writing at 24,000 strike indicates that put writers are shifting the base higher and we might see further upside move on the back of a short-covering rally
The RSI indicator for Hindalco Industries has recently indicated a decent rise to imply strength
As per weekly option data, handful of put writing on lower strikes ranging from 11,700 to 11,900 is witnessed which shows Nifty would face firm support in sub-11,800 zone