(You can now subscribe to our(You can now subscribe to our ETMarkets WhatsApp channelThe Indian market bounced back on Wednesday to hit fresh record highs tracking positive global cues.
On the downside, 340-320 are likely to act as good support zones now.This stock was in a consolidation pattern for almost 2 months in the zone of roughly 300-250.
The weekly Relative Strength Index (RSI) is in a bullish zone.In the short term, it is expected to test 4050 -4100 which is a minor technical hurdle.
If the stock sustains above 4050-4100, it can touch 5000 levels.
On the downside, 3400-3300 is likely to act as a strong support.
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The Indian market bounced back on Wednesday to hit fresh record highs tracking positive global cues. The S&P BSE Sensex rose more than 350 points while the Nifty50 recorded gains of over 100 points.The S&P BSE Sensex hit a record high of 75,105 in trade today while the Nifty50 surpassed 22700 to hit a high of 22,775.Sectorally, buying was seen in oil & gas, energy, metal, public sector, and FMCG while some profit-taking was seen in auto and utilities.This stock has been showing strong bullish momentum in the last couple of days with strong volumes. On the daily time frame, there is a gap between 372 and 392 and on the weekly charts, it is a copybook-style "W" pattern breakout.If it clears and stays above 392, the stock has good prospects of testing its life high of 440 in the medium-term. On the downside, 340-320 are likely to act as good support zones now.This stock was in a consolidation pattern for almost 2 months in the zone of roughly 300-250. On Wednesday, it gave a fabulous breakout with extraordinary volumes on the daily charts.It is expected to test the 350 mark very soon, and any dip towards 290 can be used as a buying opportunity with a stop of 280.This stock is in its bull run and has been soaring for many months. The weekly Relative Strength Index (RSI) is in a bullish zone.In the short term, it is expected to test 4050 -4100 which is a minor technical hurdle. If the stock sustains above 4050-4100, it can touch 5000 levels. On the downside, 3400-3300 is likely to act as a strong support.
