Page 3 - Inverted Head News Today

​As the FII might not return to the market on the very first day of the New Year, the market may remain sideways to slightly negative. “A drop below 21,650 might be the first signal for long unwinding.

In the case of Wipro, Axis Securities said the IT stock has recently demonstrated a robust breakout above the neckline of the 'Inverted Head & Shoulders' pattern at Rs 444, accompanied by a strong bullish candle. This it said, indicates a positive bias.

LIC shares: The brokerage suggested a buy range of Rs 790-774 for LIC, with a target of Rs 874-916, suggesting a 12-17 per cent potential upside for the scrip. LIC shares: The brokerage suggested a buy range of Rs 790-774 for LIC, with a target of Rs 874-916, suggesting a 12-17 per cent potential upside for the scrip.

With decisively surpassing previous record highs and making higher highs, higher lows formation along with healthy volumes on daily charts last week, the Nifty50 is likely to march further northward with eyeing 20,400-20,500 zone.

The benchmark Nifty jumped as much as 334.6 points to hit a new high of 20,602.50. Meanwhile, the Sensex surged 1,106.6 points to hit a record high of 68,587.82.

The Nifty is expected to continue its upward journey and to register fresh all-time high above 20,222 soon.

Granules has exhibited a flag pattern breakout on the daily chart, indicating a potential increase in optimism. Moreover, the stock found support at the 21EMA before the recent rally.

Expert expects strong moves in the broader market; hence, one needs to have a stock-centric approach for better trading opportunities.

Top losers on the Nifty included Adani Enterprises, M&M, Bajaj Finance, SBI Life Insurance and UltraTech Cement, while gainers were Divis Labs, Bharti Airtel, HCL Technologies, Wipro and ONGC.

Any correction towards 19,330 on the Nifty50 will offer a good opportunity to go long as it converges with 21DMA (19,348) as well as a bullish gap support area while the nearest resistance arrives at 19,550.