Page 38 - Technical Analyst News Today

Positive setup was seen in Infosys, OFSS, Coforge, ONGC, Birla Soft, HCL Tech, Persistent Systems, TCS, PNB, Tata Consumer, LTTS, Canara Bank, L&T, IOC, Bharti Airtel, Trent and IndusInd Bank. On the weekly options front, the maximum Call OI is placed at 22500 strikes and then towards 22300 strikes while the maximum Put OI is placed at 21700 strikes and then towards 21800 strikes.

Stocks that were in focus included names like HCL Tech, which rose 0.02%, SBI Life, which fell 1.48%, and Apollo Hospitals, whose shares jumped 1% on Thursday.

The bears or CALL writers are leading the bulls or PUT writers by a huge margin at 21,700 Strike at Thursdays close, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, adding that strong call writing at a particular strike price, is usually considered as a sign of resistance getting stronger.

If the Nifty closes above 21,800, then it is likely to test 22,000 on an immediate basis. Analysts say traders who are shorting the market should square off the position at the current market price or on a minor pullback

Post todays gains analysts predict that TCS may head to all-time high levels of around Rs 4000. Infosys on other hand may challenge resistance of Rs 1660.

Polycab India has tanked more than 27 percent in the last five sessions due to the corporate governance issue and I-T raid

Stocks that were in focus included names like HCL Tech, which rose 2.03%, Delta Corp, which jumped 2.9%, and Manappuram, whose shares declined 4.8% on Wednesday.

The Nifty IT index is grappling to overcome the selling pressure emerging around the 36,000 mark. This hurdle must be surpassed to enter the next leg of upside, as per experts.

The stock hit a 52-week high of Rs 2063 on 31st May 2023, but it failed to hold on to the momentum. The stock closed at Rs 1826 on 8th January 2024, translating into a fall of over 11%.

Stocks that were in focus included names like Trident, which rose 19%, Titan, which fell 0.04%, and Tata Steel, whose shares declined 3.68% on Monday.