Page 36 - Technical Analyst News Today

Equity indices rebounded 1% on Wednesday, with the 30-share BSE Sensex surging 689 points to settle at 71,060 and the broader Nifty closing 215 points at 21,453. Stocks that were in focus included SBI Life, which rose 2.68%, Karnataka Bank, which fell 7.8%, and Tata Elxsi, whose shares declined 5.01%.

Ashok Leyland Ltd, a company in the automobile space, has fallen over 10% from its August 2023 high. Chart patterns suggest further weakness. Short-to-medium-term traders can sell the stock for a target around 150 levels in the next 1-2 months. The stock closed at Rs 170.25 on 24 January 2024, down more than 10%. Short-term indicators indicate a bearish bias. If the auto index faces resistance, Ashok Leyland stock price could face additional pressure.

Stock market today: Experts have recommended eitght stocks to buy or sell today — Bajaj Auto, Zydus Life, ELGI Equipments, Chalet Hotels, SBI, BEL, LIC, and HCL Tech

Experts anticipate that this decline will only intensify from here on and suggest investors to exercise caution in this holiday-shortened week

Angel One shares witness another 5% intraday decline, resulting in a cumulative loss of 20% in share value since the announcement of its Q3FY24 results. Keynote Capitals downgraded Angel Ones rating to sell from earlier buy.

Experts advise sell-on-rise strategy. Traders dont expect an immediate recovery and say the market will stay bearish in the coming days

On the technical charts, Nifty formed a huge bearish engulfing candlestick. It broke the crucial support of 21,300 with a head and shoulder pattern. Now the next support lies at 21,000 coinciding with the 50-day moving average (DMA), says Sheersham Gupta, director and senior technical analyst at Rupeezy

Indian headline indices ended in the red on Saturday conceding their morning gains amid selling pressure in FMCG, IT and pharma sectors despite a good show by banks.

"Nifty concluded the week at 21,571.80, marking a decline of 323 points from 21,894 levels, on a weekly basis. Pharma, realty, and metal sectors faced selling pressure. Despite persstent attempts to breach crucial resistance, each of them resulted in a sell-off,” Om Mehra, Technical Analyst, at SAMCO Securities said.

YES Bank has broken out on the upside after surpassing a major hurdle of Rs 25 recently. The trend has turned extremely optimistic and any corrective move should witness addition in longs.