On the broader market outlook, Vinay Rajani the technical & derivative analyst says that the Nifty could swing in the 19,783 - 19,567 range in the near term.
The FMCG index has breached previous reversal support, igniting fear of caution among retail traders. This move emerged after the index reached a new historic peak a few sessions ago.
While the medium-term outlook remains highly optimistic, the stock may remain choppy in the near-term
ICICI Bank remains strong on charts post delivering Q1 results last week
The overall trend of the stock has been sideways since the end of 2021. However, striking a new all-time high could spark the next rise in the stock.
Buy SBI Rs 610 Call option and simultaneously Sell Rs 630 Call of the July series, suggests Nandish Shah, Sr. derivatives & technical research analyst of HDFC Securities.
New-age companies may rise up to 29 per cent in the forthcoming seasons as market sentiment improves amid record-breaking run in benchmark indies
Listed NBFC stocks are currently facing selling pressure at higher levels, show technical charts
Overall trend - the Nifty Small cap index continues to remain highly robust, with an intend to reach a new historic high.
The range breakout in both the indices have triggered fresh upside
Selective IT stocks may rise up to 22% in the upcoming sessions, as per their technical charts
Technically, when any stocks crosses crucial hurdles and witnesses accumulation at key supports, the trend is expected to witness robust upside ahead.
Once the range of Rs 3,380 to Rs 3,350 is conquered, TCS shares are set to hit a new historic peak. HCL Tech, meanwhile, may slip under Rs 1,000 if it fails to hold the 200-DMA
The RSI for Nifty Pharma shows a pattern of lower highs and lower lows on the near-term charts; Nifty Auto is in the overbought zone and could see a potential correction
Delta Corp needs to cross the 200-DMA to regain the momentum, while Nazara Technologies must hold the 200-DMA as a support.
Defence related stocks continue to trade in overbought territory, as momentum sees elevated sentiment.
These 5 buzzing stocks may rise up to 15% in the coming sessions
Selective textile stocks are developing robust chart structures
Selective tyre stocks are displaying resilient chart structures, poised to scale higher levels from a medium-term perspective.
Market participants closely monitor the RSI to determine the strength based on 70 and 30 values. This assists in identifying instruments that are supposedly experiencing increased buying or selling.