Page 46 - Double Bottom News Today

Rare Earth Co. Powering Up for a Major Bull Market

Sectorally, buying was seen in utilities, power, realty, and public sector stocks while selling was seen in IT, banks and oil & gas. Stocks that were in focus include names like Intellect Design Arena which rose by about 20%, Ajanta Pharma gained more than 4% and NCC closed with gains of over 7% to a fresh 52-week high on Friday.

Zomato has taken a support at 20-day EMA (Rs 77.15) and climbed 3.5 percent to Rs 80.3. The stock has formed long bullish candlestick pattern on the daily charts with above average volumes.

The momentum indicator RSI has sustained above the 65 level on all the time frames like daily, weekly and monthly indicating strong positive momentum of the index.

The trend is definitely positive, but considering the one-way rally of last several sessions, the possibility of some profit taking cant be ruled out in near term before we are getting into next leg of upmove, experts said.

On the upside, there is resistance at 19,500 for the Nifty, suggesting that the price may struggle to move beyond this level. A decisive move above 19,500 might lead the writers to unwind their positions.

The stock closed at Rs 111 on 12th July 2023, and also managed to close above the 50-DMA which is the short-term moving average. The Supertrend indicator also triggered a buy on the daily charts.

Stocks that were in focus include names like Titan Company, which was up more than 1%, Kalyan Jewellers, which rose more than 5% and Sunteck Realty, which closed with gains of nearly 12% on Friday.

Exide Industries, an auto component maker, hit a fresh 52-week high in June 2022 and rose more than 30% from March 2023 to June 2023. The recent breakout from a Double Bottom pattern suggests that the rally may not be over yet and short-term traders can look to buy the stock now or on dips for a possible target of 280 levels in the next 3-4 weeks. The daily RSI is at 76.9 and the recent swing high has opened room for the stock to head towards Rs 280 levels in the short term.

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