and Sensex continue to remain in bullish territory, hitting fresh all-time highs repeatedly. Technical analysis of the Nifty 50 index shows strong momentum is likely to continue, and bulls may remain dominant on Dalal Street as the index 17,500 points. Eventually, 17,750, domestic brokerage and research firm Motilal Oswal said in a note. “RSI oscillator is also showing strength on a daily, weekly and monthly scale, suggesting continuation in bullish momentum in too,” they added. Nifty set a high yesterday at 17,225, while Sensex soared to 57,918 for the first time yesterday.
“We are expecting the index to move towards 17,500 and then the 17,750 zone, continue to remain Bullish and use any meaningful decline as a buying opportunity,” analysts at Motilal Oswal said. During the previous series, the Nifty 50 gained nearly 900 points, helped by . For the current series, analysts is placed at 16,750 and then 16,500. For Bank Nifty, if it holds above 36,000, the next leg of the may be triggered. “In the future, around 35,750, then 35,250 zones. While on the flip side, a hurdle can be seen around 37,000 then 37,700 zone,” they added.
Target price – Rs 800
Banking central is seen as a potential ‘buy’ for 2-3 months. “ICICI Bank is in an overall uptrend and forming higher highs – higher lows structure on a weekly scale. It has formed a bullish candle on a weekly and monthly scale, outperforming the Bank Nifty index,” Motilal Oswal said. ICICI Bank’s increased by over 6% last month.
“Considering current chart structure, we advise traders to buy the stock for an up move towards Rs 800 per added. ICICI Bank trades at just above Rs 700 per share.
Target price – Rs 5,650
“Divis Lab has given consolidation breakout on the weekly scale and forming higher highs – higher lows on a monthly scale from past five months,” the brokerage firm said. Divi’s is trading well above its short-term moving average, and momentum will likely continue. Analysts added that Momentum Oscillator RSI is placed positively along with a set of moving averages on weekly and monthly charts.
“Looking at the overall price structure, we expect the stock to move towards Rs 5,650. Thus, we advise traders to buy the stop-loss. time horizon.
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