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The market saw relief
rally nearly 2% on Friday and took support at 16,750 after consistently
selling for the previous seven straight sessions and looking oversold. This
weekly rally helped the Nifty50 pare losses to just over 1 %, continuing
the downtrend for the third straight week.
Nifty decisively gave a close above 17,000 mark as well as 200-day SMA. It has
formed bullish Engulfing candlestick pattern on the daily charts and there was
Hammer kind of pattern formation on the weekly scale at downtrend, indicating
bullish reversal pattern. Hence, if the index holds current levels and
surpasses 17,200-17,300 in coming sessions, then 17,500 can be a possible
target with crucial support at 17,000 followed by 16,800-16,750 levels.
ACC- After a higher reversal level
(i.e. From Rs 2,785 to Rs 2,313) the stock formed a bullish reversal pattern –
Morning Doji Star around its extended horizontal breakout line and poised for
fresh upward movement. This could take the stock to its all-time high in the
near term. Major technical indicators were testing the oversold territory on
the short-term timeframe chart, standing on the brink of a bullish crossover.
Subsequent move will confirm the bullish reversal and support a likely rise in
the stock. In the event of a dip, the stock will find support around its recent
swing low.
Presistance- The stock remained
sideways after a trendline breakout that saw volume outperform. This signals
that the bulls are beginning to take control, which will support a strong rise.
Its daily RSI (Relative Strength Index) and MACD (Moving Average Convergence
and Divergence) are positive after a bullish crossover. We believe the stock
will recover, utilizing the previous consolidation, and could head towards its
previous swing high. In case of a decline, the stock finds support around its
lower band of the range.
MuthootFinance
The stock recovered from its
52-week low and broke its previous weekly downtrend. A rise in volume and a
bullish formation signals that the major players are pro-bulls. The stock has
the potential to move towards its August 2022 high in the short-term. The main
technical indicators reversed from the oversold area and gave a buy signal.
According to the current constellation, the stock will soon continue its
journey north and could trigger the desired action. On the downside, the stock
will find support around its 52-week low.
Trent
It is consolidating above the breakout level
which stood at Rs 1,350. It is a symmetrical triangle pattern and on September
27th took support of the triangle pattern rising trend line. Based on this we
can expect a minimum target of Rs 1,500 and a maximum of Rs 1,600 in the short
term (few weeks). In the longer term, we are aiming for a level of 1,700-1,800
rupees. It is advisable to buy at the current level but with a stop loss of Rs 1,350
Federal Bank
The Federal Bank has corrected
from a high of 129.75 rupees hit in early September 2022. The stock recently
found support around the Rs.109 level, which is close to the 50-day SMA (simple
moving average). The stock then rallied strongly on Friday and closed above the
20-day SMA. The recovery came on a healthy volume basis, which is encouraging.
Momentum values like the 14-day RSI have also recovered
and are now in a bullish mode. With the intermediate technicals also looking
positive, we believe the stock has the potential to move higher in the coming
weeks. Recommend buying between Rs 117-120 levels. The stop loss is at Rs 112
while the target is at Rs 132
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