In one week, the stock of the second largest private sector lender has outperformed the market by gaining 3.5 per cent, compared to the 1.9 per cent rise in the BSE Sensex.
When a stock reaches a new definitive peak, the trend is observed to rally in the same direction in the following sessions. This could become the case for Oil & Natural Gas Corporation and Oil India.
Over half of the Nifty 500 stocks are trading below 200-DMA, this points to a weak strength. Market breadth needs to improve if further highs are to be set
BPCL, HPCL and IOC may rise up to 11 per cent in coming sessions, and if they manage to sustain their upward rally, medium-term bias may strongly shift in bull's favour.
The heavy-weight Reliance Industries has broken critical support of Rs 2,300, raising concerns about the future drawdown. In addition, the formation reveals a "Descending Triangle" violation
With a modest 1 per cent increase in duty on cigarettes and improving outlook for FMCG and Hotels, brokerages think ITC is well positioned for a strong FY24.
Shares of ITC were up nearly 4 per cent at Rs 365.65, surpassing its previous high of Rs 362, touched on November 11, 2022, on the BSE in intra-day trade on Wednesday.
Timken India, Praj Industries, AIA Engineering and ABB were among other individual stocks from the S&P BSE Capital Goods index, up 4 - 5 per cent each.
The board approved to issue up to 1.23 million equity shares (5.38 per cent post allotment of total equity) each to Ashish Kacholia and Bengal Finance & Investment Private Limited.
