IT index in a state of distress
IT index is likely to underperform over the next few quarters given the breakdown from a rising trendline as shown in the chart above.
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21600 remains the line in the sand
A break below 21600 in NIFTY can trigger fresh sound of selling or may even lead to further capitulation in stock prices. Failure to hold 21600 can dampen investor sentiment in the near term even as the sell off is still likely to remain a correction within a bull market
Raymonds - all set for a solid move
Notice the RSI hidden divergence in the monthly chart of Raymonds. One shoudnt hesitate to build a long position above 2240
Mahindra & Mahindra - Hop on for a ride
Post a brief distribution phase between aug-oct 2023, the stock has broken out recently from an Inverse head and shoulder reversal pattern. Can aim for an upmove towards 1750 and 2000 in the near term.
Tata Motors on a strong wicket
No semblance of any resistance until 900 for Tata motors. Stock should continue to do well. Stock completes a clean 5 wave impulse upmove in line with the Elliot Wave Principles
Nifty in the very long run
The scope for nifty as defined by this chart shows long run potential for the index to hit 80,000. The mother of all bull runs always lies ahead of us.
FDC - can energise the portfolio
I would add FDC above 428.95 for a target of atleast 520 in the near term.