If it surpasses this level, we can anticipate a move towards the 800+ levels in the near term.
On the downside, Rs 500 serves as the support level.The stock is in a classic uptrend, characterized by higher highs and higher lows.
If the stock surpasses this level, we can anticipate a move towards 1400+ in the near term.
1270 serves as the support level.The stock is bottoming out with a bullish inverse head and shoulder formation with the surge in volume.
Momentum indicators are positively poised to support the current strength.
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Equity benchmark indices Sensex and Nifty soared nearly 1% to hit new lifetime highs on Friday, fuelled by heavy buying in IT and tech stocks.Stocks that were in focus include names like RailTel , which soared 14.29%, Axis Bank , which gained 1.6%, and HCL Tech , whose shares Jumped 3.3% on Friday.Here's what Pravesh Gour, Senior Technical Analyst, Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today.The counter is in a classical uptrend, characterized by higher highs and higher lows. It has witnessed a breakout of a triangle formation above 500. This breakout has initiated a new rally towards the 700 level. The structure remains very bullish, as it is trading above all key moving averages.However, momentum indicators such as the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) are currently in a negative position.On the upside, Rs 700 is a significant psychological resistance level. If it surpasses this level, we can anticipate a move towards the 800+ levels in the near term. On the downside, Rs 500 serves as the support level.The stock is in a classic uptrend, characterized by higher highs and higher lows. It has broken out of a triangle formation above 1300, sparking a new rally towards the 1400 level. The overall structure remains very bullish, as the stock is trading above all key moving averages.However, momentum indicators such as the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) are currently negative.On the upside, Rs 1350 is a significant psychological resistance level. If the stock surpasses this level, we can anticipate a move towards 1400+ in the near term. On the downside, Rs. 1270 serves as the support level.The stock is bottoming out with a bullish inverse head and shoulder formation with the surge in volume. Stock is facing resistance at the Rs 1600 level; above this, we are expecting a long run-up towards the 1700 level.On the downside, Rs 1470 is a major support for any correction. Momentum indicators are positively poised to support the current strength.
