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The view will remain bullish till Nifty 50 trades above 20-DMA around 21,650. Above 22,125, we can expect fresh bullish momentum towards 22,300/22,500 levels.
Ipca Laboratories saw a breakout of downward sloping resistance trendline adjoining highs of December 5 last year and January 12 this year. The stock formed strong bullish candlestick pattern on the daily charts with healthy volumes.
Vikas Gupta of Omniscience Capital is not convinced by the Chinese regulator's recent measure to stem the market fall and says there are a lot of governance and transparency issues
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Cipla formed long bullish candlestick pattern on the daily charts with above average volumes. The stock continued to trade above all key moving averages (20, 50, 100 and 200-day EMAs) which is a positive sign.