FIBONACCI GOLDEN ZONE
Ahead of Market: 10 things that will decide D-Street action on Tuesday
The NSE Nifty rose 0.35% to close at a record high of 24,587, while the S&P BSE Sensex also hit a record close, climbing 0.18% to 80,665. This marks the second consecutive record closing for both benchmarks, fueled by strong earnings reports from TCS and HCLTech, which boosted optimism about a recovery in IT demand.
Tech View: Doji candle indicates indecisive mood, highest OI at 25K. Here’s how to trade on Tuesday
The near-term trend of Nifty remains positive. Having sustained above the hurdle of 24,400 levels (1.618% Fibonacci extension), there is a higher possibility of further gradual up move in Nifty towards 24950 levels in the next one week. Immediate support is at 24,450, said Nagaraj Shetti of HDFC Securities.
Stock Radar I Rossari Biotech recently experienced a robust breakout from Fibonacci golden zone: Jay Patel
“Rossari Bio has recently experienced a robust breakout from both its support area and the Fibonacci golden zone at 710, accompanied by notable volume demand. Traders can buy for a target of Rs 840-845 in the next 3-4 weeks,” Jay Patel, Researc...
Stock Radar: Rossari Biotech sees double-bottom formation. Is stock a good buy now?
The stock hit a high of Rs 903 on 19th July 2023, but failed to hold on to the momentum. It took support around Rs 700 levels once in October and then again in November. It witnessed a swift price action last week and rallied more than 5% on Friday, 1st December, which resulted in a strong bullish candle. The supertrend indicator also triggered a buy on the daily charts last week.
GIFT Nifty down 25 points; here's the trading setup for today's session
Foreign portfolio investors were net sellers at Rs 3,364 crore on Thursday. DIIs bought shares worth Rs 2,711 crore.
Chart Check: Wipro trades near breakout zone of inverse head & shoulder pattern; time to buy?
The stock witnessed some pressure above Rs 400 levels in June 2023 which pushed the stock towards Rs 370 in June 2023. The momentum helped the stock to climb above 50 and 200-DMA on the daily charts.
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These 8 stocks have given golden returns since last Akshaya Tritiya? How are they placed for next one?
The stocks which have given multibagger returns include Apar Industries, Fertilisers And Chemicals Travancore Limited (FACT), Mazagon Dock Shipbuilders Ltd, UCO Bank, Rail Vikas Nigam Limited (RVNL), Finolex Cables Limited, Punjab & Sind Bank and Indian Bank Limited.
Chart Check: Golden crossover in Jan; this oil & gas stock inches higher post breakout from a range
“Based on the aforementioned rationale, stock can be looked for by candidates in the range of Rs 152 to Rs 150 with a stop loss of Rs 145 for the upside potential up to Rs 163 to Rs 165 level. Duration can be one month around,” he recommends.
Trader's Guide: These 2 bluechip stocks can rise up to 6%
The Indian markets, like other Asian ones, reacted sharply downwards to the Bank of Japan’s surprising decision, on Tuesday, to allow a move of 50 basis points on either side of 0% in long-term yields. Markets in India, however, recovered largely by the end of the day.
Tech View: Nifty looks strong, but Golden Ratio may bring back bears
NSE Nifty is approaching the 61.8 per cent retracement mark, which stands at 12,118.
Nifty needs to surge past 11,280 to break bear grip
Traders must adopt a ‘Sell on Rise’ strategy in the market citing the ongoing weakness.
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Bank Nifty & auto index likely to outperform
Nifty is expected to trade in the broader range of 7800-8600 in coming weeks with a bullish bias. Bank Nifty and Auto Index can outperform the overall market.
Five technical charts which show Nifty50 heading for a new record
The bulls are building the momentum, which is pushing the domestic market to a fresh record high. The index has seen a strong upward move of over 500 points.
Market likely to extend rally, but don't expect big move; top 7 stock strategies
Nifty futures have closed above the golden ratio of 61.80 per cent, which is at 8,240 level, according to Fibonacci retracements.
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