This week bulls have the
momentum, but after a consistent run-up over the past few days, there may be
some periods of volatility. In the coming sessions, consolidation can be seen,
and the price will gradually move toward 18,700-19,000, with immediate support
at 18,500 and crucial support at 18,300-18,000 levels.
As long as the overall trend remains positive, we anticipate that the Nifty
will gradually move closer to the 19,000 mark. The market gains strength even
further when more people participate. The Nifty has outperformed by a
significant margin from point to point, demonstrating real resilience. Because
of this, there is now a greater chance that the index will reach the
extrapolated levels of 19,600, which are 2,800 points above the most recent low
of 16,800.Only below the 17,800 level would the view be negated.
Stocks that can help
the Nifty move closer to the 19,000 mark:-
PVR has seen a lot of buying interest and a rise in
volume to go along with the uptrend.PVR has found support at the 200 DEMA (days
exponential moving average) high-low band and pair of Doji candlestick
structures at the moment. As of late PVR has taken out its past swing high of
Rs 1,858 and has shut close to the Rs 1,867 imprint in its past exchanging meeting.
On the indicator front, the price ROC (rate of change) is well above the zero
line for 21 days, around 8 levels, and the daily MACD (moving average
convergence and divergence) crosses exactly above the zero line in a bullish
pattern, pointing to Rs 2,000 levels in a month.
RELIANCE INDUSTRIES has made a big break from a falling trend line, which was accompanied by
a big increase in volume.On the daily chart, the buy signal has been confirmed
by a positive crossover from the momentum indicator RSI.The stock experienced a
sharp rebound from its Rs 2,500 200-day moving average.
L&T is trading in a strong uptrend with higher top and higher bottom formations.
The stock's strength is confirmed by the fact that the momentum indicator RSI
has entered the 60-point range. The stock is trading well above its support,
the short-term moving average. The bulls will have some cushion in the lower
end support zone of Rs 1,980-1,950, and the visible upside targets are Rs
2,200-2,240.
SUNPHARMA has
been a consistent performer ever since the lows in March 2020, despite
belonging to the lagged pharmaceutical and healthcare sectors.The stock is
rising in a rational uptrend and is within striking distance of 2015's Rs 1,200
all-time high.We have seen strong out performance in
comparison to peers in the sector (Sun Pharma has moved up in contrast to the down move in the Nifty PHARMA Index). Immediate targets are set at Rs 1,200, and
the view would be negated below the level of Rs 925 (25-week DMA).
SBI has not only been
outperforming the sector (both private and public sector banks have achieved
all-time highs before the Nifty), but it has also been outperforming the sector
as a whole.The costs made new highs albeit the heavyweights inside the file
like HDFC Bank (private) or Bank of Baroda, or Canara Bank (PSU banks) are
still off the unequaled highs.Patterns' price projections will increase to around Rs 820 as a result of the out performance, but the view will be negated below Rs 540, which was the level
of earlier highs with multiple touch points.
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