As stocks turn volatile post Q3 results, watch out for these key levels on the likes of ICICI Bank, Hindustan Unilever, CoForge and UltraTech Cement among others and plan your trading strategy.
On the broader market outlook, Vinay Rajani technical & derivative analyst of HDFC Securities says the Nifty has confirmed a bearish trend reversal, and could see further downside in coming days.
As many as 274 out of the Nifty 500 stocks held gains as of Jan 19, even as the benchmark BSE Sensex was down 2 per cent for the new year. Here's what charts suggest for select early movers of 2024.
On the broader market outlook, Vinay Rajani technical & derivative analyst of HDFC Securities expects Nifty to face resistance around 21,750.
Unlike the benchmark Nifty 50, the Nifty IT index is still over 9 per cent shy from its summit. Among the frontline stocks, Infosys, TCS and Wipro look fairly placed on the charts.
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Among individual shares, Bajaj Finance and Bajaj Finserv look ripe for further upside, while Bajaj Auto may witness some consolidation in the near-term, hint charts.
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Bayer Cropscience, Granules India and HLE Glasscoat are the other three stocks that can generate healthy returns till next Diwali, based on the existing chart patterns.
Among individual stocks, Vinay Rajani, technical & derivative analyst at HDFC Securities, recommends to Buy EIH and Doodla Dairy for up to 8 per cent upside.
IT majors - TCS, Infosys and HCL Technologies flagged concerns of slower growth going ahead after announcing the Q2 results in the last two days.
Among the key momentum oscillators, the 14-day RSI, MACD and Stochastic Slow on selective basis have turned positive for these five stocks.
1 out of every 25 shares from the Nifty 500 index has more-than-doubled investors wealth in 2023 so far, with Apar Industries, Mazagon Dock and JBM Auto as the top movers.
Data Patterns (India) and Godfrey Phillips are the other two stocks which seem to be favourably placed on the charts, thus making a case for lower-risk at current levels.
Among the stocks in focus on Monday, Shree Renuka Sugars looks strong on charts, while Inox Green Energy seems weak.
Among individual stocks, Vinay Rajani the technical & derivative analyst of HDFC Securities recommends to Buy Infosys and Sun Pharma.
Overall, as many as 464 stocks among the Nifty 500 were seen trading above the 200-DMA highlighting the underlying positive sentiment in the market.
While the Nifty Metal index seems headed towards its crucial resistance zone, select stocks such as Hindalco, Nalco and SAIL still have the potential to rally up to 15 per cent, charts suggest.