Last week, we had witnessed a 'Bullish Flag' breakout around 12,050 and since then markets never looked back.
VRL Logistics has maintained a strong base near Rs 145 level.
We can witness short-covering move along with the addition of fresh position only if the Nifty breaches 11,200 level.
For the early part of the week, 11,200-11,250 should be considered as an immediate resistance zone for Nifty.
If there is no escalation in geopolitical concerns and Covid-19 cases, the Indian markets are likely to continue their northward trajectory
Recently, gas distribution companies have been in limelight
The stock of IGL has formed a morning star candlestick chart pattern on the daily scale which is considered as a trend reversal pattern.
Nifty managed to close above 10,000 ahead of weekly expiry and is likely to expire above this important level.
Looking at the strong setup on the medium term charts, it would be advisable to buy Nifty around 9,900, for the upside target of 10,300.
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
As far as levels are concerned, 8,000 followed by 7,800 would be seen as immediate supports
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
Lupin has witnessed some erosion in recent times and has currently showed signs of bottoming out near Rs 695 levels
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
Castrol India has made a more or less higher bottom formation pattern on the daily chart and has bounced back with a positive candle to signal strength
The RSI has indicated a trend reversal from the oversold zone for IGL and signaled a buy coupled with good volume participation
Godrej Consumer has picked up momentum with decent improvement in the volume to show a positive bias and imply further strength and potential to rise further in the coming days
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
The support for the week is seen at 40,840/12,000 for Sensex and Nifty,respectively, while resistance is seen at 42,200/12,450.
It's ideal to focus on Nifty only once it clears the minor range of 11,800-11,940