Nifty50 index also remains above the 20-day SMA and has now closed at a new life time high after clearing the recent highs of 12,963
The stock price has broken down on the daily chart with higher volumes where it closed at the lowest level since 03 November
Trading longs should be held on with the stop loss of 12,700 levels. We expect midcaps to outperform in the coming days.
Long build up is seen in the Exide Futures' where we have seen 7 per cent rise in the Open Interest with price rising by 4 per cent
At current levels, midcap and smallcap stocks look more attractive than largecaps
Trading longs should have stoploss at 11,700 in Nifty
Short term trend of HPCL stock has turned positive where it is trading above its 5 and 20-day EMA
Nifty is forming a symmetrical triangle with "shortall" in place on the daily chart, which indicates that the chances of bullish breakout is higher than the bearish breakout
Long build up is seen in the L&T Futures' till now in the October series where we have seen 23% rise in the Open Interest with Nifty rising by 10%
BankNifty index has broken out from the "Flag" pattern on the daily chart, which indicates a fresh momentum buying the Banking stocks
Previous top on the daily charts is placed at 11,794, which is likely to provide support to the index
Automobile demand has reached the pre-Covid levels across the sectors, including two-wheelers, passenger cars and tractor segments, HDFC Securities said in a report
Short term trend of the stock is positive where stock price is trading above its 5 and 20-day SMA
Close above 11,585 would negate the bearish setup on the short term charts and could push Nifty towards the recent high of 11,794
Short-term trend of the stock is positive
It would be advisable to remain bearish in the market unless Nifty surpasses the resistance of 11,585
Short term trend of the stock is positive where stock price is trading above its 5- and 20-day Moving Averages
Dhiraj Relli, MD and CEO of HDFC Securities says that a weak dollar could help improve India's trade and current account situation and FPI flows
The recent high of 11,794 would continue to act as strong resistance for the Nifty
Trades through mobiles accounted for a fourth of transactions on NSE in July