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The daily bullish candle and the hourly chart's pattern of higher-highs, higher-lows affirms the robust outlook, with the next rally potentially targeting the 22,300-22,350 range
It would be advisable to take an approach of holding longs with trailing stop-loss instead of anticipating any upside target for the Nifty.
JBM Auto formed a robust bullish candlestick pattern on the daily charts with significantly higher volumes, after several weeks of consolidation. The stock traded above all key moving averages.
On the corporate earnings front, Krishnan thinks that margin expansion due to raw material prices cooling off will likely wane as a driver, hence topline growth will be key to driving earnings growth. And topline growth has been patchy, with few sectors like consumption, displaying weakness.
The initial sessions of the coming week will be crucial to gauge Nifty reactions around the 22,100 - 22,150 zone.