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JBM Auto has seen a decisive breakout of falling resistance trendline and formed robust bullish candlestick pattern on the daily charts with healthy volumes. The stock stayed above all key moving averages.
The ongoing bullish trend is likely to continue in broad market indices like midcap and small cap segments for the coming weeks.
Experts expect the Nifty 50 to focus on 21,800-22,000 levels in coming weeks after ongoing consolidation, while taking support at 21,700-21,500 levels and advising buy on dips strategy
Traders are advised to maintain a cautious approach with regards to long positions.
Companies in IT sector have demonstrated good corporate governance, high cash flow generation and have been distributing the same to shareholders through buybacks and dividends, says Karthikraj Lakshmanan.