Given the current market volatility, auto stocks seem to be a better bet for long side trades. Select stocks like M&M and TVS Motor can rally up to another 12 per cent.
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
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