Page 50 - Technical Analyst News Today

Short-to-medium-term traders can look to buy stock on dips for a possible target above Rs 1600 in the next 2 months, suggest experts.

Stocks that were in focus included names like TCS, which fell 0.44%, Bank of Baroda, which rose 3.22%, and I-Pru Life, whose shares declined 2.63% on Wednesday.

TCS is in focus after the IT major kickstarted the Q2 earnings season yesterday. Mint has collated views of brokerage firms and technical analysts to understand whether the stock is a ‘buy’ at this juncture or not. Lets take a look:

Cement and IT sectors gained, with ACC, Ramco Cement, JK Cement and Wipro seeing a long buildup

Nifty futures on the NSE International Exchange traded 15 points, or 0.08 per cent, higher at 19,791, hinting at a positive start for the domestic market on Wednesday.

Nifty futures on the NSE International Exchange traded 129 points, or 0.65 per cent, lower at 19,641, hinting at a negative start for the domestic market on Monday.

The S&P BSE closed at 65,995.63, up by 364.06 points or 0.55%. The broader Nifty50 closed at 19,653.50, gaining 107.75 points or 0.55%. Meanwhile, banking gauge Nifty Bank settled at 44,360.60, higher by 147.25 points or 0.55%.

Punjab National Bank shares have seen a correction of more than 7 per cent in the last two sessions but the medium-term outlook appears relatively bullish.

The stock hit a 52-week high of Rs 5362 on 28 July 2023, but it failed to hold the momentum. The stock finally found support above the 50-week moving average (above Rs 4700) on the weekly charts before bouncing back.

The banking system’s credit growth remained healthy at 15 per cent (ex-HDFC) for the fortnight ended September 8, 2023, running above the 12-13 per cent growth noted by Emkay Global.