Page 49 - Technical Analyst News Today

Stocks that were in focus included names like Ultratech, which fell 0.17%, Maruti Suzuki, which gained 0.23%, and Trident, whose shares dropped 10% on Wednesday.

Sunteck Realty has risen over 43 percent this year, giving positive returns in 6 of the 10 months so far. LiveMint collated views of brokerage firms and technical analysts to understand whether the stock is a ‘buy’ at this juncture or not.

The Futures Open Interest (OI) in the Nifty indicated a buildup of fresh short positions in index futures. Call writers were seen offloading their positions at the 19,800 strike, leading to a strong down in Nifty today. A double-top structure around the 19,850 levels is visible on the daily chart. A breakdown below the previous swing low of 19,635 can intensify the selling pressure, which can take the index to 19,480 levels, said Ashwin Ramani, Derivatives and Technical Analyst, SAMCO Securities...

Indian equity indices declined on Wednesday as Bajaj Finance led a slide in financials after disappointing results and due to nagging concerns over elevated oil prices and US interest rates as well as the Middle East conflict.

Stocks that were in focus include names like DMart, which declined 1.8%, Delta Corp, which fell 8%, and SpiceJet, whose shares dropped 8.51% on Monday.

Short-term traders can look to buy the stock on dips for a possible target of Rs 24000 in the next 3 months, suggest experts.

Nifty futures on the NSE International Exchange traded 27.50 points, or 0.14 per cent, higher at 19,728, hinting at a positive start for the domestic market on Monday.

SBI share price is down over 6 per cent while the Nifty Bank index and the Nifty 50 are up 3 per cent and 9 per cent, respectively, for the current calendar year so far.

“If you look at the 20-day moving average, it has been a great card for that accelerated trend in the midcap index. By mid September, we started to test that 20-day moving average again. Two weeks ago, we broke below it and now we are seeing some choppy volatility around it.”

On this weeks strategy, Rupak De, Senior Technical analyst at LKP Securities, said that the strength may continue as long as the Nifty index remains above 19,600. "The bulls were able to protect the level of 19,600 during the Friday session, thanks to the strong open interest (OI) build-up at the 19,600 strike price by put writers. Only a decisive fall below 19,600 might trigger serious long unwinding in the market, till then a buy on dips strategy to favour the market," De said.