One can see a formation of 'Bearish Engulfing' pattern on Tata Motors' daily chart
The momentum indicators and oscillators on the weekly scales are still in 'buy' mode
NIfty has been forming higher tops and higher bottoms on the daily charts. Nifty is placed above 20,50,100 and 200 days moving averages, indicating bullish trend on all time frames
Sun Pharma's counter has provided a fresh breakout after retesting its rising channel on the daily chart
On the downside, a move below 11,100 would lead to immediate correction towards 10,950 - 10,880 levels
Glenmark Pharma's stock is taking the support of a rising trend line
We can witness short-covering move along with the addition of fresh position only if the Nifty breaches 11,200 level.
The stock of Tata Consumer Products made a fresh all-time high and has provided breakout from a cup pattern on the daily chart
Glenmark's stock has reclaimed its short term 21-DMA
The level of 11,000 might act as support
Nifty is in continuation of an uptrend
Tata Motors' stock has provided breakdown from a head and shoulder pattern on the daily chart
The entire pharma space has been in limelight since the coronavirus pandemic outbreak
The likelihood of a short-covering move along with addition of fresh position exists only if Nifty breaches 11,200
Bata India's stock is on the verge of a breakout from a downward sloping trend line
The momentum indicators and oscillators are very well in the buy mode on the weekly scale which hints that bulls are making a comeback and the current pullback is likely to extend further
One step at a time is the strategy to follow and better to timely book profits in the rally. Traders are advised to keep following stock specific moves and the base now remains at 10,660 - 10,560
Momentum oscillator MACD has provided a fresh buy crossover on Nestle's daily chart
Wipro's stock has provided breakout from a symmetrical triangle formation on the daily chart with higher than average volumes
The index may see some profit-booking once it reaches the 78.6 per cent retracement zone of the entire fall i.e. 11,000-11,200 levels