On October 04, bulls came back with vengeance and the Nifty surged more than 2.3 per cent to settle at 17,275. The Nifty has reclaimed its level above 50-day EMA. The next resistance for Nifty is seen at 17,430-odd level, which happens to be 50 per cent retracement of the recent fall from 18,096 to 16,747. The support for Nifty has shifted up to 17,100 level. We expect the market to remain bullish in the coming days.
Last Close: Rs 173
Targets: Rs 190; Rs 205
Stop Loss: Rs 160
The stock price has been finding support at its 30-day EMA. The stock price has bounced back from the 30-day EMA and has given “Flag” pattern breakout on daily charts. The bolume during price rise has been high and volume during price fall remains very low.
The primary trend of the stock and tyre sector has been bullish for last couple of months. The stock is trading above its 20-, 50-, 100- and 200-DMAs, indicating uptrend on all time frames. The DMI Indicator too has been showing strength in the current uptrend.
J.B.Chemicals & Pharma
Last close: Rs 2,020
Targets: Rs 2,170; Rs 2,250
Stop Loss: Rs 1,950
The stock price has been finding support at its 50-day EMA. The stock has reached at fresh all-time highs on closing basis. The primary trend of the stock has been bullish with higher top and higher bottom formation.
Further, the Pharma sector has started outperforming after long time. The stock is placed above all important moving averages, which indicates bullish trend on all time frames.
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).
Note:- (Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor. The content is auto-generated from a syndicated feed.))