In a backdrop of a sustained bullish trend, Nifty achieved a remarkable milestone by reaching its highest level in the past 16 trading sessions. This upward surge has prompted market experts to predict that Nifty may soon breach the significant threshold of 19650, while maintaining crucial support levels at 19400-19300. Furthermore, optimism surrounds the broader market, with expectations of a potential upswing in the coming weeks, as reflected in the 1% gain in Nifty Midcap 100 and a 1.3% surge in Smallcap 100.
Sectoral Resurgence
Bank Nifty exhibited notable strength, surging by more than 140 points to reach 44578. Meanwhile, the Nifty IT index decisively broke free from a consolidation phase that lasted over a year. This remarkable move saw the Nifty IT index surging by a substantial 650 points, reaching a closing level not witnessed since April 22 of the previous year.
Stock Performances that Stood Out
Several stocks displayed outstanding performances in the recent trading session, including Rail Vikas Nigam, Yes Bank, and BSE. Rail Vikas Nigam soared impressively, marking an 11.6% jump to attain a record high closing price of Rs 154.4. Notably, the stock witnessed robust trading volumes, while the daily chart showcased a long bullish candlestick pattern with extended upper shadows, indicating profit booking at higher levels.
Yes Bank shares surged by 7.2% to reach Rs 18.60 in the last trading session, potentially forming a robust bullish candlestick pattern on the daily scale. This surge was accompanied by a decisive breakout from the descending resistance trendline, aligned with the highs of January 4 and July 24, supported by strong trading volumes.
BSE, on the other hand, continued its upward trajectory for the sixth consecutive trading session. The stock surged by 5.5% to attain a record high closing price of Rs 1,188. The daily chart depicted a long bullish candlestick pattern, with the 20-day Exponential Moving Average (EMA) providing consistent support since April. Robust trading volumes substantiated the stock’s impressive performance over the last four days.
For expert insights and trading strategies on these stocks, let’s delve into the analysis provided by Ashish Kayal of Waves Strategy Advisors.
Expert Analysis on Key Stocks
Rail Vikas Nigam: In the recent trading session, Rail Vikas Nigam exhibited a notable gap-up opening, followed by substantial buying activity. The stock achieved a new all-time high near Rs 163.45. The recent rally could potentially represent intermediate iii of the third wave. It’s worth noting that the RSI is currently in the overbought zone. Hence, it’s advisable to consider buying this stock during corrections, with potential price targets ranging from Rs 165 to Rs 170.
Yes Bank: A closer look at the daily chart reveals that Yes Bank has formed an Inverted Head and Shoulders pattern, indicative of a trend reversal from bearish to bullish. To validate this shift, the stock must close above the Rs 18.60 level, potentially paving the way for price targets ranging from Rs 21 to Rs 22.
BSE: BSE’s remarkable ascent, marking over 30% growth in just four trading sessions, reflects its strong bullish stance. Notably, the 20-day EMA has been a robust support for the stock since April. While medium-term support is observed at Rs 943, short-term support resides at Rs 1070. Should the stock experience a dip, it could be considered a buying opportunity, with short-term price targets reaching Rs 1250.
