Nifty’s Friday Performance:
On Friday, the Nifty continued its upward momentum for a third consecutive session, breaking through the 20,200 level for the first time. This surge was underpinned by strong performances in banking & financial services, auto, technology, and pharma stocks. With sustained strength and low volatility, it appears that the bulls are firmly in control of Dalal Street, potentially guiding the Nifty to levels of 20,350 and 20,450 in the upcoming sessions, provided it remains above the critical level of 19,840.
Here are the top two stocks to watch out for today:
Balrampur Chini Mills Ltd (BALRAMCHIN)
BALRAMCHIN – Balrampur Chini Mills Ltd closed up by 1.59% at Rs 442 on Friday
The stock has broken out of a 20-week Stage-1 consolidation. For the last two weeks, the volumes were above average, showing the buying interest in the stock. Its price relative strength is improving above the prior high. The stock is above the long-term averages. It is 11.26% above the 50DMA and 13.09% above the 200DMA. Currently, it is at 52 week high. It is in the leading quadrant in RRG charts, as its relative strength and momentum are above the zero line. The weekly RSI is in the strong bullish zone. The MACD is showing a strong bullish momentum. The Elder’s impulse system has formed a strong bullish bar. The stock also cleared the Anchored VWAP resistance. The KST and TSI indicators have been in the strong, bullish setup.
Conclusion: The Balrampur Chini Mills stock recently broke out of a base and is currently trading around 2% above the pivot point, which is an ideal buying range. Support is placed at Rs 392, with resistance levels at 484-500.
INDIGO- Interglobe Aviation Ltd
INDIGO- Interglobe Aviation Ltd closed down by 2.87% at Rs 2,394 on Friday
The stock has broken the tight, flat base with high volume. It has formed a strong bearish bar. The Bollinger band squeeze suggests an impulsive on the down side. It is trading below the key moving average. It is below the moving average ribbon. It is 5.90 per cent below the 50DMA. The MACD has given a fresh sell signal. The RSI shifted its range into the bearish zone. The TSI also given a fresh bearish signal, and the KST is about to give a sell signal. The Interglobe Aviation Stock has just closed below the Anchored VWAP support. The Elder’s impulse system has formed a strong bearish bar. In short, the stock broke the bearish pattern with high volume.
The stock broke a bearish pattern with high volume. A move below Rs. 2,390 is negative, with the next support level at Rs. 2,275. Sustaining above Rs. 2,420 would invalidate this view.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.