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"Profit-booking was observed in August, with the bears dominating the market. Following the stunning run in recent months, the majority of short-term technical indicators had previously indicated that the markets will experience a period of momentum loss and exhaustion. As a result, it did not come as a surprise to investors looking for ways to profit from the upswing."
Reliance AGM 2023: Indian stock market expect announcements on Reliance Retail IPO, Reliance Jio IPO, launch of 5G devices at reasonable price and more on Monday next week
Adani Power shares are currently trading above their 50-day and 200-day simple moving averages (SMAs) and Monday's move has taken the stock into an overbought zone. The day's RSI and MFI stood at 78 for both indicators, as per data available on Trendlyne.
On the top of the list is Apar Industries, which has seen its EPS rise from 41.94 in FY21 to 67.08 in FY22 and to a further 166.64 in FY23.
Technically, the markets needed a correction, and it appears that in the upcoming week, the support zone between 19,100 and 19,200 would be important to watch out for Nifty. A zone of resistance would continue to exist between 19,500 and 19,600 on the upswing. Being ready for a turbulent trading week, especially with the technical indicators also pointing in that direction.