Page 30 - Technical Analyst News Today

The recent price action indicates that bulls are consolidating their positions at record-high levels, awaiting fresh triggers. As per technical analysts on daily chart, Nifty has formed a bullish engulfing pattern with significant volume, signaling a strong underlying bullish sentiment in the market.

Indian stock market today: Experts recommend nine stocks to buy or sell today — Larsen and Toubro, CESC, DLF, GAIL, Zensar Tech, BSE, Indusind Bank, Railtel and Tata Motors.

As long as Bank Nifty closes above 46,000, the outlook for the banking index will remain positive, say analysts

Zomato turned PAT positive in Q1FY24, ahead of schedule and the first one to do so. Also, as the firm continued its growth in profitability in Q3FY24, the stock regained attention. But the question remains: Is it still a good ‘buy’?

On the daily chart, consecutive small-body candles indicate subdued trading sessions for the benchmark index. Technical analysts suggest that despite the overall bullish tone, caution is warranted due to negative divergence on key momentum indicators, especially in relation to aggressive long positions, particularly those held overnight.

In a bustling session, Nifty closed around 22,200 defending the previous sessions low at 22,075 and, prompted a rebound to regain the initial lost ground, said Rajesh Bhosale, Technical Analyst, Angel One. The sentiment remained bullish throughout the day as intraday dips were met with buying interest, Bhosale added.

IRCTC shares, which touched a 52-week low of Rs 557.15 on March 29, 2023, ended at Rs 964.65 on Friday, delivering 73.14% returns during the period.

Indian market closed marginally in the red. S&P BSE Sensex held on to 73000, Nifty50 closed below 22,200. Reliance Industries was up 1%, ICICI Bank hit a record high, and M&M closed at a fresh record high. Buying seen in telecom, capital goods, realty, consumer durables, and industrials. Some selling seen in oil & gas, public sector, and energy stocks.

Tata Steel shares are trading near their record high of Rs 147.35 touched on February 7, 2024. The metal stock closed 0.24% lower at Rs 145.50 on Friday.

YES Bank is forming the higher high-low formation on the daily chart and is taking support at 50-SMA, which is placed at Rs 24.55 level.