Nifty index failed to cross 9,000 mark and after an early consolidation it witnessed a sharp decline towards 8,880. It formed a Bearish Engulfing pattern on daily chart and also tested its rising support trend line. On the downside it has multiple supports at 8,850 and 8,820 while 8,982-9,000 zone is likely to act as a key hurdle to restrict its upside momentum. Index is stuck in the trading range and momentum is missing both the side to get a decisive market move.
Last Close: 3229
Stop Loss: 3140
It has been holding the gains from last two weeks and respecting to its support trend line. Recently it made bottom near to 3050 and now supports are shifting higher which is giving the bullish bias to the stock.
Last Close: 877
Stop Loss: 858
It has given a mature consolidation breakout and holding the gains from last couple of sessions. It has given the highest daily close in last five months and momentum could extend to 915.
SHRIRAM TRANSPORT FINANCE
Last Close: 899
Stop Loss: 924
The stock has given a breakdown from its triangular pattern on daily chart and finding hurdle near to its 50 DMA. It has been making lower top – lower bottom formation and negative sector outlook may keep the pressure in the counter.
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Chandan Taparia is a Deivatives and Technical Analyst at Motilal Oswal Securities.