Sectorally, buying was seen in consumer durables, capital goods, and realty while selling was seen in energy, IT, utilities, oil & gas and metals.
iStock
The stock had been trading in an upward channel since the low in November, but today we witnessed a breakout with heavy volumes, confirming a positive breakout.
The momentum indicator, RSI, has been approaching the overbought zone, but the momentum is still expected to move further towards fresh highs.
The stock can now be bought with a strict stop loss at 6304, which is the 15-day average, while short-term targets are placed at 7800.
ETMarkets.com
The stock has been on a dream run since its low in 2023 at 2910 levels. Every month, we have witnessed a new high, and now indicators are showing overbought levels, suggesting a pause for the time being.
Short-term traders are advised to book profits and re-enter around 17000 levels, which is the 15-day average. Overall, the stock is in an upward momentum, so short selling is not advised. Instead, traders should buy on dips for fresh moves.
ETMarkets.com
The stock witnessed a double-bottom pattern breakout on 2nd December at 2112 levels, after which we saw some profit booking. Today, we observed a downward-sloping pattern breakout at 2140 with heavy volumes.
Further upward momentum can be expected, but a fresh entry is not recommended as the stop loss now stands at 2090, making the risk-to-reward ratio unfavorable.
Therefore, existing positions can be held with a stop loss at 2150 and targets of 2360 for the short term.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
ETMarkets.com