Benchmark Sensex breached the historic 79,000 mark while Nifty scaled the 24,000 peak for the first time on Thursday as buying in blue-chip stocks like Infosys, Reliance and TCS helped markets extend gains to the fourth straight day and close at lifetime high levels.
"Technically, the index has achieved a short-term consolidation breakout target of 24,000 levels, and managed to close above it. If the index holds above 24,000 levels, then rally could extend towards 24,250-24,500 in the short term," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates
The stock has been in consolidation for quite some time moving within a range and recently, after a short period of correction, has taken support near the 947 zone and indicated a positive candle formation on the daily chart. It may witness a pullback moving past the confluence of significant moving averages of 50 EMA and 100 period MA levels at 967 zone to improve the bias.
(Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher)
The stock has seen a rising trend, maintaining a strong upward bias movement and recently has witnessed a short correction from the 3,000 zone to take support near the 50 EMA level at 2,790 zone. Thereafter, it witnessed a pullback to improve the bias.
(Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher)
The stock has been in a strong bull run for the last 4 years and especially in the last 4 months it has seen much momentum to gain almost 100%. With a series of higher low and higher top formations visible on the daily chart, currently, it has once again made a higher low formation taking support near 8235 zone. This indicates a decent pullback. A positive bullish candle has improved the bias to anticipate further rise.
(Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher)
Century Plyboard is seen to break out of a rounding bottom formation on the daily timeframe with a bullish candlestick, which indicates strength. Momentum oscillator RSI (14) is at around 72 on the daily timeframe and is showing strength by sustaining above 50. The stock is seen to be trading above all its important EMAs.
Muthoot Finance is seen breaking out of a rounding bottom formation on the daily timeframe with a bullish candlestick, which indicates strength. Momentum oscillator RSI (14) is at around 64 on the daily timeframe and is showing strength by sustaining above 50 and the stock is seen to be trading above all its important EMAs.
