Here's how key constituents of the Nifty Bank index look on the charts.
SBI hit life-time high, while Bank of Baroda registered a new 52-week high in trades on Monday after the banks reported strong Q2 earnings over the weekend. Here's what the charts indicate ahead.
Raymond zoomed 3 per cent on Friday to hit an all-time high of Rs 1,329.90, after having gained 7 per cent in the previous session.
Barring, Chambal Fertilizers & Chemicals, which has shed 19 per cent on YTD basis, most of the other fertilizers stock have logged gains so far in 2022. Deepak Fertilisers has zoomed 148 per cent.
Shares of LIC Housing Finance today slipped below the 200-WMA after falling over 10 per cent. Now, four out of five leading housing finance stocks are trading below the 200-WMA.
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Motilal Oswal Financial Services is the only stock among major broking firms that slipped to a fresh 52-week low last week
The Nifty PSU Bank index hit a fresh 52-week high on Friday and has gained 15 per cent so far this month. The index can rally another 4 per cent.
Domestic brokerage firm Prabhudas Lilladher, too, lowered its earnings outlook on RIL and trimmed the target price to Rs 2,892
Technically, whenever any stock remains unaffected during times of volatility, the trend indicates something positive underneath. Such stocks are preferred by market participants for trading gains.
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If the Nifty small-cap index manages to leap over the 200-day moving average (DMA), this would trigger a positive sentiment in most of the small-cap stocks
Among prominent stocks, ITC, Dixon Technologies, Axis Bank and Bajaj Finance seem poised to rally up to 14 per cent; whereas Asian Paints is seen testing the crucial 200-DMA level at Rs 3,131.
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On the other hand, Bajaj-Auto and Hero Moto Corp need to adhere their key supports levels to keep the positive bias intact.
So far this month, PC Jeweller, Rajesh Exports and Kalyan Jewellers have rallied up to 21 per cent on hopes of a bumper sales this Diwali season.
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Sun Pharmaceutical Industries is the only other stock among the Sensex 30 and Nifty 50 that trades in the overbought category, technically.
Among the realty pack, Indiabulls Real Estate trades in a bear grip, while Brigade and Phoenix Mills may see an upside of 14 per cent.
The trend seems buoyant on the weekly chart with the 200-WMA, placed at Rs 1,285-level, acting as a major support for the stock.