Investors are treading cautiously as the Nifty 50, a market benchmark, has been trading rangebound for the past few days due to a lack of triggers. The upcoming state election results and India’s Q2 GDP figures have added to the uncertainty. It’s important to keep a close eye on these developments to make informed investment decisions.
Nifty 50 rose 0.3% in morning trade on Tuesday, but soon pared gains and traded 0.14% up at 19,823 around 10:35 am. Last week, a ‘Doji’ candlestick pattern indicated indecisiveness among market participants. Axis Securities predicts buying if Nifty crosses 19,900, leading to 20,000-20,200 levels. Selling expected if index breaks below 19,650, taking it towards 19,500-19,400.
Bharti Airtel: Bharti Airtel has broken through the consolidation zone and is following a rising channel formation in the medium term. The stock is finding support at the lower band of the channel and rebounding, indicating a potential move towards the upper band. The weekly strength indicator RSI has generated a buy signal by giving a crossover above its reference line.
Bharat Forge: Bharat Forge has exhibited a robust breakout above ₹1,100 from a falling channel pattern on the weekly chart. The breakout is supported by a strong bullish candle, signaling a positive bias.
SJVN: SJVN has made a significant move on the weekly chart, having broken out of the symmetrical triangular pattern at ₹78 with a robust bullish candle. This suggests that the stock is poised to continue its upward trend, following a brief period of consolidation.
Sun Pharma Advanced Research Company: SPARC, a pharmaceutical company, has confirmed a weekly breakout with incremental volumes, which could result in a fresh uptrend and a rise towards ₹300. This makes it an exciting opportunity for investors looking for growth potential in the sector.
DCX Systems: DCX Systems is showing an uptrend with higher highs and higher lows on daily charts, and recently closed above its listing high price on the weekly charts. With one of the highest volumes, it has a strong potential for a robust upside, supported by a bullish MACD crossover on weekly charts.
DCM Shriram Industries: DCM Shriram Industries has confirmed a weekly breakout from a bullish flag pattern, indicating a potential move towards the ₹200 level.
