Page 41 - Technical Analyst News Today

Stocks that were in focus include names like Inox Wind, which rose 2.81%, JSW Energy, which jumped 1.51%, and Manappuram, whose shares fell 2.63% on Tuesday.

The consumer durable stock rose from Rs 859 as of December 15, 2023 to Rs 947 recorded on 22nd December 2023 which translates into an upside of over 10% in a week.

Positive chart patterns like higher tops and bottoms are intact as per the daily chart and currently, Nifty is moving towards the new higher top formation. Still, there is no confirmation of any higher top reversal at the highs. Having breached above the immediate resistance of 21,550-21,600 levels, there is a possibility of more upside in the short term.

The caution is advised as certain sectors appear to be in overbought territory potentially setting the stage for profit-booking. This could notably impact mid and small-cap equities, says Om Mehra, Technical Analyst, SAMCO Securities.

Stocks that were in focus included names like Piramal Enterprises, which fell 0.21%, Cochin Shipyard, which rose 6.32%, and Hindustan Copper, whose shares jumped 10.6% on Thursday.

A look at the futures Open Interest (OI) data indicates a build-up of long positions in Nifty futures, with India VIX falling by 4.79% to 13.75, said Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities emphasising that this gives major comfort to the bulls. Despite a 1.41% fall in Nifty in December, the long-short ratio jumped to 65.22% from 62.31% on December 19, as the Foreign Portfolio Investors (FPIs) increased their long exposure in Index futures, Ramani said.

Cipla's price action is suggesting a positive bias, as the stock continues to see accumulation at the support of 100-simple moving average (SMA).

Nifty futures on the NSE International Exchange traded 65 points, or 0.30 per cent, higher at 21,382, hinting at a positive start for the domestic market on Friday.

Stocks that were in focus included names like Paytm, which fell 1.08%, Varun Beverages, which rose 6.62%, and Astral, whose shares declined 2.19% on Wednesday.

Option data suggests that put writers have built long positions at the 21,100, 21,000, and 20,900 strikes, which shall act as support for the day.