Page 42 - Technical Analyst News Today

The Futures Open Interest (OI) indicated a buildup of long positions in Nifty futures with the Long-Short Ratio standing at 59.99% on December 18 as the FPIs continued to increase their exposure to long in the index futures, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said.

The BSE Consumer Durable Monthly Chart index has recently experienced a breakout following a two-year consolidation patch. Notably, Voltas scrip is exhibiting the strongest bullish momentum.

Stocks that were in focus included names like IRCTC, which rose 12%, Siemens, which fell 1.7%, and Nalco, whose shares jumped 4.7% on Monday.

L&T is forming higher peaks and higher troughs on the weekly chart, indicating a sustained positive trend

In anticipation of a broader market rally, three stocks have formed a strong setup on the charts for further rally, giving a good risk-reward ratio.

Torrent Pharmaceuticals Ltd has begun trading in a consolidation range, following an impressive run. Near the threshold mark it paused. The bulls were able to break above the upper band in previous trading, and weve seen a breakout of a flag pattern.

The breakout has opened room for the stock to head higher and may even breach 1100 levels to hit fresh record highs in the next 2-3 months, suggest experts.

Among individual stocks, a long build-up was seen in National Aluminium Company, Coforge, Persistent and Bandhan Bank. REC Ltd, HAL and PFC saw a short buildup

Whether it is strong GDP forecast by the Reserve Bank of India or foreign inflows momentum, market observers said that the near-term trajectory appeared positive

Stocks that were in focus include names like Axis Bank, which fell 1.25%, Sonata Software, which was down 4%, and PI Industries, whose shares declined 1.7% on Wednesday.