Page 43 - Double Bottom News Today

Considering the overall chart structure, there is an anticipation of short-term rangebound sentiments.

Heres what experts recommend investors should do with these stocks when the market resumes trading on Budget day.

Syngene International Ltd, a pharma stock, fell 15% from its September 2023 high but recovered after a Double Bottom formation. Short-term traders can buy the stock for a target of Rs 880 in the next 2 months. The stock found support above 670 levels in October and December 2023, forming a Double Bottom. It closed above the 50-week moving average in January 2024. The stock is now trading above multiple moving averages and the RSI is at 56.5, indicating bullishness.

On December 4, 2023, Axis Banks stock reached a peak at 1151, followed by a throwback period. During this throwback, the stock formed an Adam and Adam Double Bottom pattern near a crucial support zone.

JBM Auto has seen a decisive breakout of falling resistance trendline and formed robust bullish candlestick pattern on the daily charts with healthy volumes. The stock stayed above all key moving averages.

Experts expect the Nifty 50 to focus on 21,800-22,000 levels in coming weeks after ongoing consolidation, while taking support at 21,700-21,500 levels and advising buy on dips strategy

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Cable faced selling pressure today thanks to a revival in the US Dollars haven appeal. Looking ahead and developments around the US Dollar is likely to be the major driving force of GBPUSD for the rest of the week.

Experts expect the Nifty to hit 21,500-22,000 points in coming months. The Nifty has formed bullish candlestick pattern with long lower shadow on the daily charts on December 5, indicating buying interest at lower levels.