Torrent Power shares rallied 5 percent to Rs 511, after downtrend from Rs 550 on March 17 till Rs 487 on March 27. The stock has formed robust bullish candlestick pattern on the daily scale with above average volumes. In a single day rally, it clawed back above 50/100/200-day EMAs.
NCC is in a classical uptrend and witnessed a breakout out of an ascending triangle formation, then retested its breakout level and resumed its uptrend.
Going forward, 16,800 is expected to remain crucial support and the 17,200-17,250 area is likely to be the key hurdle on the upside, experts said.
PNB Housing Finance has formed long bearish candlestick pattern on the daily scale after breaking down bearish Flag and Pole pattern, generally indicating may be more weakness going ahead. Further it has decisively fallen below 200-day EMA (Rs 481) as well, though trading volume was slightly below average.
Primary trend remains positive as Rail Vikas Nigam is trading above its 200-day EMA. Momentum indicators and oscillators are showing strength in the stock.
Overall the index has been in a trading range of 16,800-17,200 for almost couple of weeks and within this range, the every dip is getting bought and every rise is seeing profit taking. Hence, unless and until this range gets broken on either side, the index may remain volatile with negative bias, experts said.
The index has been trying to consolidate around the 27,800 -mark for the previous two-three sessions. It looks like it is in the process of bottoming out as the momentum indicator RSI, around 30, is already at oversold levels. It showed a small reversal today
The upcoming week can be approached with a low-risk strategy like modified Put Butterfly in Nifty.
Sameet believes traders can find ample opportunities in the beaten spaces and for investors, this decline would provide opportunity to accumulate quality stocks in a staggered manner.
Great Eastern Shipping Company shares rose nearly 4 percent to Rs 624 and formed long bullish candlestick pattern on the daily timeframe with above average volumes.
For next month, his top 3 picks will be ITC, Cyient, and Sun Pharma.
Cyient is clearly one of the rank outperformers as we can see a series higher highs higher lows in daily time frame chart.
Bollinger Bands are a technical indicator used by traders and investors to understand how overstretched the prices are on either side when compared to the mean ie the 20-day moving average. They can easily be found on trading platforms, we tell you how to use them to maximise gains
For NIfty, the immediate support on the downside is at 16,850-16,800, while the immediate hurdle is at 17,100. As long as the index moves in this range, it will remain sideways
The recent low of 16,800 is expected to be crucial. If the Nifty slips below it, it can slide further to 16,500, while 17,200 remains a key hurdle on the upside, experts have said
Triveni Turbine shares climbed 4.5 percent to Rs 315 and formed long bullish candle on the daily timeframe with making higher high higher low formation. The stock traded above all key moving averages (9, 21, 50, 100 and 200-day EMA - exponential moving average).
KPIT Technologies is currently trading at its record high, this illustrates that the stock already is in strong momentum. The stock has already shown a breakout of the Cup & Handle pattern which indicated continuation of prior uptrend.
Also on the hourly charts, the Nifty50 has formed Double Top kind of pattern, which is also bearish reversal pattern, suggesting southward move for the index.
Sudarshan Chemical Industries extended its uptrend with above average volumes for third consecutive session, rising nearly 3 percent to Rs 416. The stock has been making higher highs formation for fifth day in a row.
Varun Beverages has retested the falling trend line on the daily chart before going higher. On the higher end, the index has found resistance at the 14DMA (Rs 1,334.65) during the day's trade on March 22.
Unless and until the index gives decisive close above 17,200, further sharp upside move towards 17,300-17,500 area is unlikely in the near term, whereas 17,000 is expected to be near term support followed by 16,800, experts said.
HDFC AMC shares rallied 5 percent, the biggest single day gains August 16 last year, to close at Rs 1,764 and formed long bullish candle on the daily charts with above average volumes.
Hariom Pipe Industries is in a classical uptrend and forming higher highs and higher lows on the daily chart. The structure of the counter is lucrative, as it is trading above each of its significant moving averages. It also witnessed breakout of a channel formation on the longer timeframe.
The next resistance is expected to be in the 17,200-17,250 zone, followed by 17,450-17,500 levels, whereas the supports are placed at 16,950-16,800 levels. If the index extends uptrend further then there can be confirmation that it has formed the bottom around 16,828, the low of March 20, experts said.
BPCL was also in action, rising 2.35 percent to Rs 360 and formed bullish candle with long lower shadow on the daily charts, indicating support-based buying in the stock. The trading volumes remained strong in last three days, with the stock coming back above all key moving averages.