The chart pattern and positioning of oscillators are pointing towards a sharp up move in Aurobindo Pharma in the near future
Nifty50 index also remains above the 20-day SMA and has now closed at a new life time high after clearing the recent highs of 12,963
The stock of Wipro is also trading well above its short-term and long-term moving averages
Traders should not to trade aggressively now and rather continue with a stock-centric approach
The stock of SBI Cards has taken support near 770 levels to make a double bottom formation pattern in the daily chart and has picked up momentum to improve the bias
Long build up is seen in the Exide Futures' where we have seen 7 per cent rise in the Open Interest with price rising by 4 per cent
The momentum indicator RSI has also breached the falling trend line and MACD provided a fresh buy crossover on the daily chart which hints of further positive momentum in Divis Labs
Moving averages have a great role in the channel breakout
At current levels, midcap and smallcap stocks look more attractive than largecaps
HDFC Life has been gradually inching higher, after spending nearly a month in consolidation range, while holding strongly above the support zone of the long term moving (200 EMA) on the daily chart
As the Sensex and Nifty scaled record peak, various stocks have entered the overbought condition of RSI.
The momentum indicator RSI has reversed from its oversold territory and is showing signs of reversal in Wipro
For Nifty, 12,430.50 is the first level to watch, and post that, the theoretical target of the 'Flag' pattern is around 12,700
The RSI indicator of DCB Bank has shown a trend reversal and has indicated strength to maintain a positive bias
We can witness short-covering move along with addition of fresh position only if Nifty breaches 12,300
Short-term trend of Hindustan Petroleum Corporation Ltd's (HPCL's) stock has turned positive where it is trading above its 5 and 20-day EMA
Jubilant Food's stock has reclaimed its short-term 21-DMA which was placed at 2230 levels. The momentum indicators and oscillators have turned positive on the daily chart which hints at a strong pull
Avenue Supermarts (DMart) is witnessing a breakout from its bullish flag pattern. Further buying momentum would be witnessed if it moves above 2,300
Trading longs should have stoploss at 11,700 in Nifty
The stock of Voltas has provided a fresh breakout from a pennant pattern on the daily chart and has also been trading in a rising channel