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Time of India
4 days ago
- Business
- Time of India
D-Street ahead: What will guide market sentiment this week? Here's all you need to know
Stock market: A busy week ahead, marked by major earnings announcements, global market cues, and multiple corporate actions, is expected to steer investor sentiment as markets resume trading on Monday. This follows after Indian benchmark indices ended the week on a weaker note, with the Nifty declining 0.7%, signaling caution among investors ahead of crucial developments. Rupak De, Senior Technical Analyst at LKP Securities told ET that the Nifty faced selling pressure on Friday, dipping close to 24,900, where it found some support. Despite the correction, the index managed to stay above its 50-day exponential moving average (EMA), hinting at a potential short-term pullback, he continued. However, De further added that the market remains a 'sell on rise' scenario as long as the index remains below 25,260. Key market drivers this week: 1. Q1 corporate earnings: The upcoming week will be earnings-heavy, with 286 companies set to report their June quarter results. Among Nifty firms, major players like Infosys, Eicher Motors, UltraTech Cement, Bajaj Finance, Tata Consumer Products, Dr. Reddy's, Cipla, Kotak Mahindra Bank, and SBI Life Insurance are scheduled to announce results. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo Additionally, Paytm, United Breweries, Zee Entertainment, IRFC, and Bajaj Housing Finance will also be in focus. Market analysts believe Monday's trading session will be key, as investors are set to react to the Q1 results of major companies like Reliance Industries, HDFC Bank, and ICICI Bank. 2. US market trends: Wall Street ended mixed on Friday, with the Dow Jones falling 142 points to 44,342.20, the S&P 500 closing flat, and the Nasdaq inching up slightly. Investor focus remains on upcoming US corporate earnings and Fed Chair Jerome Powell's scheduled remarks this week, which could offer cues on interest rate outlooks. 3. Corporate actions including bonus issue: More than 100 companies will take corporate actions this week, including record dates for dividends, bonus issues, and rights offers. LIC, Hero MotoCorp, Divi's Labs, Shree Cement, Zydus Lifesciences, and Union Bank of India are among the firms declaring dividend record dates. Mahindra Logistics will determine the record date for its rights issue on July 23, while Focus Business Solution will do so for its bonus issue, ET reported. 4. IPO buzz: The primary market is set to be active. In the mainboard space, four IPOs are scheduled: IndiQube Spaces (Rs 700 crore issue), GNG Electronics (both opening July 23), Brigade Hotel Ventures (opening July 24), and Shanti Gold International (opening July 25). The SME segment will see IPOs from Monarch Surveyors, TSC India, and Patel Chem Specialities. 5. Institutional Investors activity: Market direction will also depend on institutional flows. On Friday, Foreign Institutional Investors (FIIs) bought equities worth Rs 374.74 crore, while Domestic Institutional Investors (DIIs) remained strong buyers at Rs 2,103.51 crore. 6. US data in focus: The coming week is set to be critical for the markets, with heavyweight earnings, macroeconomic data, and trade developments likely to steer sentiment. "In the US, attention will turn to Existing Home Sales (June) on July 23, which could highlight the resilience (or weakness) in the housing market amidst sticky mortgage rates. A day later, markets will keenly watch the Initial Jobless Claims, a critical labour market pulse, alongside the S&P Global Manufacturing PMI (Preliminary) for July. Any softening in jobless claims or stabilisation in PMI could boost investor sentiment, particularly if recession concerns re-emerge," the Bajaj Broking Research told PTI. 7. Rupee movement: The rupee posted its second weekly loss, ending at 86.1475 against the US dollar, pressured by equity outflows and corporate demand for dollars. With foreign investors selling about $300 million in July so far, the rupee is expected to trade closer to 86.50 in the near term. Meanwhile, the dollar index is on track for its second weekly gain due to strong US economic data. 8. Crude oil prices: Oil prices remain a key factor. WTI crude slipped to $67.30, while Brent crude held near $69.28. Geopolitical tensions, particularly over drone attacks in Iraq, continue to pose supply risks, which could influence inflation and, in turn, market direction. As the new trading week kicks off, all eyes will be on earnings, macroeconomic cues, IPO action, and global market trends to shape investor sentiment. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
4 days ago
- Business
- Time of India
Q1 earnings, FII action among 8 factors that'll steer D-Street this week
Indian benchmark indices ended the week in the red, with the Nifty closing 0.7% lower. A host of key domestic and global events lined up for the week ahead are likely to influence market sentiment when trading resumes on Monday. On Friday, the Nifty declined by 143.05 points, or 0.6%, to end the day at 24,968.40. Explore courses from Top Institutes in Select a Course Category Data Science Design Thinking Data Analytics Project Management MCA others Finance Digital Marketing Healthcare Product Management Technology PGDM healthcare Management Degree Artificial Intelligence Others Leadership Public Policy CXO Data Science MBA Operations Management Cybersecurity Skills you'll gain: Strategic Data-Analysis, including Data Mining & Preparation Predictive Modeling & Advanced Clustering Techniques Machine Learning Concepts & Regression Analysis Cutting-edge applications of AI, like NLP & Generative AI Duration: 8 Months IIM Kozhikode Professional Certificate in Data Science and Artificial Intelligence Starts on Jun 26, 2024 Get Details Skills you'll gain: Data Analysis & Interpretation Programming Proficiency Problem-Solving Skills Machine Learning & Artificial Intelligence Duration: 24 Months Vellore Institute of Technology VIT MSc in Data Science Starts on Aug 14, 2024 Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty remained under selling pressure on Friday, slipping towards 24,900, where it found initial support. The index stayed above the 50-day exponential moving average (50 EMA) and appears poised for a short-term pullback after the recent sharp correction, he noted. However, De maintained that it remains a 'sell on rise' market as long as the Nifty trades below 25,260. On the downside, selling pressure may intensify if the index breaches the 24,900 mark, he added. Key factors likely to impact market movement this week: 1. Q1 Earnings It will be an earnings-heavy week, with 286 companies scheduled to announce their June quarter results over the next six days. Among the Nifty constituents, results are expected from Eicher Motors, UltraTech Cement, Bajaj Finance, Bajaj Finserv, Dr. Reddy's Laboratories, Infosys, Tata Consumer Products, Nestlé India, SBI Life Insurance, Cipla, and Kotak Mahindra Bank. Live Events Other widely tracked companies set to report include One 97 Communications (Paytm), Indian Railway Finance Corporation (IRFC), United Breweries, Zee Entertainment, and Bajaj Housing Finance. The Street will also react to the earnings of Reliance Industries and JSW Steel, which were announced on Friday after market hours. Additionally, results declared on Saturday by HDFC Bank, ICICI Bank, Yes Bank, and Reliance Power will keep these stocks in focus when markets reopen. 2. Corporate Action A flurry of corporate actions is lined up this week, with record dates for dividends, rights issues, buybacks, and bonus shares scheduled for over 100 companies during the five-day trading window. Companies announcing record dates for dividend payouts include: Life Insurance Corporation of India (LIC), Hero MotoCorp, Divi's Laboratories, Bharti Hexacom, Shree Cement, Aditya Birla Sun Life AMC, Radico Khaitan, Info Edge (India), Union Bank of India, and Zydus Lifesciences. Meanwhile, Mahindra Logistics has set July 23 as the record date for its rights issue, and Focus Business Solution will determine eligibility for its bonus issue during the week. 3. US markets Wall Street ended mixed on Friday, with the S&P 500 and Nasdaq struggling to notch meaningful gains as investors looked ahead to more corporate earnings and remarks from the Federal Reserve Chair next week. The Dow Jones Industrial Average slipped 142.30 points, or 0.32%, to close at 44,342.20. The S&P 500 ended flat at 6,296.79, while the Nasdaq Composite inched up 10.01 points, or 0.05%, to settle at 20,895.70. 4. IPO watch In the mainboard segment, four initial public offerings (IPOs) will open for subscription this week. Among them, IndiQube Spaces' Rs 700 crore book-building issue will open on Wednesday, July 23, with a price band of Rs 225 to Rs 237 per share. GNG Electronic's IPO will also launch on the same day. Brigade Hotel Ventures' IPO will open on July 24, while Shanti Gold International will open on Friday, July 25, and close on Tuesday, July 29. In the SME segment, Monarch Surveyors & Engineering Consultants will open their IPO on July 22, TSC India on July 23, and Patel Chem Specialities on July 25. Meanwhile, three listings are likely this week: Anthem Biosciences, Monika Alcobev, and Spunweb Nonwoven. 5. FII / DII Action Market action will hinge on the behaviour of foreign institutional investors (FIIs) in the coming week. On Friday, FIIs were net buyers, purchasing equities worth Rs 374.74 crore, while domestic institutional investors (DIIs) also remained net buyers, investing Rs 2,103.51 crore. 6. Technical Factors Decoding Nifty's technical setup, Hrishikesh Yedve, AVP – Technical and Derivative Research at Asit C. Mehta Investment Intermediates, noted that the index has broken below its 34-Day Exponential Moving Average (34-DEMA) on the daily chart and formed a red candle, indicating weakness. However, Nifty managed to hold above the 50-DEMA, currently placed near 24,930. A decisive break below this level could drag the index lower towards the 24,750–24,500 zone. On the other hand, if the index sustains above 24,930, a pullback rally towards 25,200–25,250 cannot be ruled out, Yedve added. 7. Rupee Vs Dollar The Indian rupee weakened slightly on Friday, marking its second consecutive weekly loss, as the U.S. dollar rebounded from a more than two-year low and sustained equity outflows pressured domestic markets. The rupee closed at 86.1475, compared to its previous close of 86.0750, down 0.4% on the week. In the near term, the rupee is 'likely to hover closer to 86.50 than 85.50,' according to a trader at a large private bank. The trader attributed the pressure to corporate dollar demand and outflows from Indian equities. Foreign investors have net sold around $300 million in Indian equities so far in July, after infusing $1.7 billion in June. Meanwhile, the dollar index was poised for its second straight weekly gain, supported by robust U.S. economic data that tempered expectations of imminent rate cuts by the Federal Reserve. 8. Crude Oil Crude oil prices remain a key variable for stock markets, given their ability to influence a country's inflation trajectory. Oil prices edged lower on Friday, despite gains in the previous session, as concerns over drone attacks on northern Iraqi oil fields—which could disrupt supply—weighed on sentiment. U.S. West Texas Intermediate (WTI) crude settled at $67.30, down $0.24 or 0.36%, while Brent crude futures were trading near $69.28, up $0.29 or 0.42%.
Economic Times
4 days ago
- Business
- Economic Times
Q1 earnings, FII action among 8 factors that'll steer D-Street this week
Indian benchmark indices ended the week in the red, with the Nifty closing 0.7% lower. A host of key domestic and global events lined up for the week ahead are likely to influence market sentiment when trading resumes on Monday. ADVERTISEMENT On Friday, the Nifty declined by 143.05 points, or 0.6%, to end the day at 24,968.40. Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty remained under selling pressure on Friday, slipping towards 24,900, where it found initial support. The index stayed above the 50-day exponential moving average (50 EMA) and appears poised for a short-term pullback after the recent sharp correction, he noted. However, De maintained that it remains a 'sell on rise' market as long as the Nifty trades below 25,260. On the downside, selling pressure may intensify if the index breaches the 24,900 mark, he added. Key factors likely to impact market movement this week:It will be an earnings-heavy week, with 286 companies scheduled to announce their June quarter results over the next six days. Among the Nifty constituents, results are expected from Eicher Motors, UltraTech Cement, Bajaj Finance, Bajaj Finserv, Dr. Reddy's Laboratories, Infosys, Tata Consumer Products, Nestlé India, SBI Life Insurance, Cipla, and Kotak Mahindra widely tracked companies set to report include One 97 Communications (Paytm), Indian Railway Finance Corporation (IRFC), United Breweries, Zee Entertainment, and Bajaj Housing Finance. ADVERTISEMENT The Street will also react to the earnings of Reliance Industries and JSW Steel, which were announced on Friday after market hours. Additionally, results declared on Saturday by HDFC Bank, ICICI Bank, Yes Bank, and Reliance Power will keep these stocks in focus when markets reopen.A flurry of corporate actions is lined up this week, with record dates for dividends, rights issues, buybacks, and bonus shares scheduled for over 100 companies during the five-day trading window. ADVERTISEMENT Companies announcing record dates for dividend payouts include:Life Insurance Corporation of India (LIC), Hero MotoCorp, Divi's Laboratories, Bharti Hexacom, Shree Cement, Aditya Birla Sun Life AMC, Radico Khaitan, Info Edge (India), Union Bank of India, and Zydus Lifesciences. ADVERTISEMENT Meanwhile, Mahindra Logistics has set July 23 as the record date for its rights issue, and Focus Business Solution will determine eligibility for its bonus issue during the week. Wall Street ended mixed on Friday, with the S&P 500 and Nasdaq struggling to notch meaningful gains as investors looked ahead to more corporate earnings and remarks from the Federal Reserve Chair next Dow Jones Industrial Average slipped 142.30 points, or 0.32%, to close at 44,342.20. The S&P 500 ended flat at 6,296.79, while the Nasdaq Composite inched up 10.01 points, or 0.05%, to settle at 20, the mainboard segment, four initial public offerings (IPOs) will open for subscription this week. Among them, IndiQube Spaces' Rs 700 crore book-building issue will open on Wednesday, July 23, with a price band of Rs 225 to Rs 237 per share. GNG Electronic's IPO will also launch on the same day. ADVERTISEMENT Brigade Hotel Ventures' IPO will open on July 24, while Shanti Gold International will open on Friday, July 25, and close on Tuesday, July the SME segment, Monarch Surveyors & Engineering Consultants will open their IPO on July 22, TSC India on July 23, and Patel Chem Specialities on July three listings are likely this week: Anthem Biosciences, Monika Alcobev, and Spunweb action will hinge on the behaviour of foreign institutional investors (FIIs) in the coming week. On Friday, FIIs were net buyers, purchasing equities worth Rs 374.74 crore, while domestic institutional investors (DIIs) also remained net buyers, investing Rs 2,103.51 Nifty's technical setup, Hrishikesh Yedve, AVP – Technical and Derivative Research at Asit C. Mehta Investment Intermediates, noted that the index has broken below its 34-Day Exponential Moving Average (34-DEMA) on the daily chart and formed a red candle, indicating Nifty managed to hold above the 50-DEMA, currently placed near 24,930. A decisive break below this level could drag the index lower towards the 24,750–24,500 zone. On the other hand, if the index sustains above 24,930, a pullback rally towards 25,200–25,250 cannot be ruled out, Yedve Indian rupee weakened slightly on Friday, marking its second consecutive weekly loss, as the U.S. dollar rebounded from a more than two-year low and sustained equity outflows pressured domestic markets. The rupee closed at 86.1475, compared to its previous close of 86.0750, down 0.4% on the the near term, the rupee is 'likely to hover closer to 86.50 than 85.50,' according to a trader at a large private bank. The trader attributed the pressure to corporate dollar demand and outflows from Indian investors have net sold around $300 million in Indian equities so far in July, after infusing $1.7 billion in the dollar index was poised for its second straight weekly gain, supported by robust U.S. economic data that tempered expectations of imminent rate cuts by the Federal oil prices remain a key variable for stock markets, given their ability to influence a country's inflation trajectory. Oil prices edged lower on Friday, despite gains in the previous session, as concerns over drone attacks on northern Iraqi oil fields—which could disrupt supply—weighed on sentiment.U.S. West Texas Intermediate (WTI) crude settled at $67.30, down $0.24 or 0.36%, while Brent crude futures were trading near $69.28, up $0.29 or 0.42%. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
5 days ago
- Business
- Time of India
Nifty poised for short-term pullback, buy these 3 stocks: Rupak De
After three weeks of losses, Nifty is showing signs of a short-term rebound, staying above its 50-day EMA. Rupak De of LKP Securities suggests a cautious but opportunistic approach as earnings from heavyweights like RIL, HDFC Bank, and ICICI Bank loom. Meanwhile, stocks like SAIL, and Aadhar Housing Finance have emerged as promising trades for the week, backed by bullish chart setups. Tired of too many ads? Remove Ads Edited excerpts from a chat: Nifty, Nifty Bank's movement on Monday would depend largely on how the market reacts to heavyweight earnings of HDFC Bank, RIL and ICICI Bank. How would you play the market on Monday specifically? Any trading opportunity that you see in heavyweights? Tired of too many ads? Remove Ads Defence stocks are witnessing sustained selling pressure amid lack of positive triggers. Do you see signs of more selling pressure building in or are we at oversold levels? Patanjali Foods was one of the biggest gainers in the week. How to trade in the week ahead? Do you see more upside in GMDC after Friday's 15% rally? Give us your top ideas for the week. Buy JUBLPHARMA @ Rs 1,235 | Target: Rs 1,330 | Stop Loss: Rs 1,194 Buy SAIL @ Rs 136.60 | Target: Rs 143 | Stop Loss: Rs 132 Tired of too many ads? Remove Ads Buy AADHARHFC @ Rs 503 | Target: Rs 530 | Stop Loss: Rs 484 After ending in the negative for three straight weeks, Nifty has remained above the 50-day exponential moving average (50EMA) and appears poised for a short-term pullback following the recent decline, says Rupak De, Senior Technical Analyst at LKP ended in the red zone for the third consecutive week. What are the charts hinting at for the rest of the July series? Will it be tough to move above 25k?Nifty witnessed a short-term correction of about 3%, dragging the index below the 25,000 mark. However, it found initial support around 24,900. Notably, the index has remained above the 50-day exponential moving average (50EMA) and appears poised for a short-term pullback following the recent decline. That said, the crucial resistance level is placed at 25,260; unless the Nifty surpasses this level, selling pressure may persist at higher levels. On the downside, a break below 24,900 could intensify selling, potentially pulling the index down towards 24, Nifty has slipped out of a recent consolidation on the daily chart, intensifying weakness within the banking space ahead of earnings announcements from the two major banks—HDFC Bank and ICICI Bank. However, it is still holding above the 50-day exponential moving average (50EMA), currently placed around 55,900, which may act as initial support. The RSI has shown a decisive breakdown on the daily timeframe, indicating potential for further downside. The current setup suggests a likely extension of weakness in the short term, with selling pressure expected to intensify below 55,900. A meaningful recovery may only come if both HDFC Bank and ICICI Bank deliver strong earnings results. Along with it, the Nifty is also likely to witness a swift recovery if RIL, HDFC Bank, and ICICI Bank deliver an overall strong defence stock has witnessed a 10–30% correction in recent weeks, primarily due to profit-taking by investors. Although the decline has been sharp and swift, the correction may continue for a few more days, involving both price and time consolidation. Indicators also suggest there is room for further downside. Therefore, it may be prudent to wait a little longer before re-entering the stock or averaging if you had bought at higher stock has given a consolidation breakout on the weekly timeframe and appears poised for further upside. It faces resistance in the 2011–2020 zone. A decisive breakout above this level could trigger a strong rally, potentially taking the stock towards 2400. On the downside, support is placed at witnessed a spectacular rally on Friday, gaining over 15% on an intraday basis. The weekly chart shows strong momentum, indicating the potential for further upside in the short term. While the stock may continue its upward move with a sharp and aggressive pace, a pullback could offer a better entry opportunity following such a steep single-session stock has broken above multiple resistance levels on the daily chart, reflecting increasing bullish sentiment. It continues to trade above a key moving average, and the formation of higher highs and higher lows suggests an ascending trend. In the near term, the stock is expected to move towards Rs 1,330. On the downside, Rs 1,194 serves as crucial support—breaching this level could turn the sentiment has broken out of a consolidation phase, pointing to renewed strength. It is trading above a key moving average and has also held above the previous swing high on the daily chart—both signs of a bullish setup. In the short term, the stock could head towards Rs 143. However, if it breaks below Rs 132, it may invite selling has given a swing high breakout on the weekly chart, signalling improved sentiment. It continues to sustain above a key weekly moving average, while the RSI has confirmed a bullish crossover and is trending upward. As long as the stock holds above Rs 490, the outlook remains positive, with a potential move towards Rs 530 in the short term.
Economic Times
5 days ago
- Business
- Economic Times
Nifty poised for short-term pullback, buy these 3 stocks: Rupak De
After three weeks of losses, Nifty is showing signs of a short-term rebound, staying above its 50-day EMA. Rupak De of LKP Securities suggests a cautious but opportunistic approach as earnings from heavyweights like RIL, HDFC Bank, and ICICI Bank loom. Meanwhile, stocks like SAIL, and Aadhar Housing Finance have emerged as promising trades for the week, backed by bullish chart setups. Tired of too many ads? Remove Ads Edited excerpts from a chat: Nifty, Nifty Bank's movement on Monday would depend largely on how the market reacts to heavyweight earnings of HDFC Bank, RIL and ICICI Bank. How would you play the market on Monday specifically? Any trading opportunity that you see in heavyweights? Tired of too many ads? Remove Ads Defence stocks are witnessing sustained selling pressure amid lack of positive triggers. Do you see signs of more selling pressure building in or are we at oversold levels? Patanjali Foods was one of the biggest gainers in the week. How to trade in the week ahead? Do you see more upside in GMDC after Friday's 15% rally? Give us your top ideas for the week. Buy JUBLPHARMA @ Rs 1,235 | Target: Rs 1,330 | Stop Loss: Rs 1,194 Buy SAIL @ Rs 136.60 | Target: Rs 143 | Stop Loss: Rs 132 Tired of too many ads? Remove Ads Buy AADHARHFC @ Rs 503 | Target: Rs 530 | Stop Loss: Rs 484 After ending in the negative for three straight weeks, Nifty has remained above the 50-day exponential moving average (50EMA) and appears poised for a short-term pullback following the recent decline, says Rupak De, Senior Technical Analyst at LKP ended in the red zone for the third consecutive week. What are the charts hinting at for the rest of the July series? Will it be tough to move above 25k?Nifty witnessed a short-term correction of about 3%, dragging the index below the 25,000 mark. However, it found initial support around 24,900. Notably, the index has remained above the 50-day exponential moving average (50EMA) and appears poised for a short-term pullback following the recent decline. That said, the crucial resistance level is placed at 25,260; unless the Nifty surpasses this level, selling pressure may persist at higher levels. On the downside, a break below 24,900 could intensify selling, potentially pulling the index down towards 24, Nifty has slipped out of a recent consolidation on the daily chart, intensifying weakness within the banking space ahead of earnings announcements from the two major banks—HDFC Bank and ICICI Bank. However, it is still holding above the 50-day exponential moving average (50EMA), currently placed around 55,900, which may act as initial support. The RSI has shown a decisive breakdown on the daily timeframe, indicating potential for further downside. The current setup suggests a likely extension of weakness in the short term, with selling pressure expected to intensify below 55,900. A meaningful recovery may only come if both HDFC Bank and ICICI Bank deliver strong earnings results. Along with it, the Nifty is also likely to witness a swift recovery if RIL, HDFC Bank, and ICICI Bank deliver an overall strong defence stock has witnessed a 10–30% correction in recent weeks, primarily due to profit-taking by investors. Although the decline has been sharp and swift, the correction may continue for a few more days, involving both price and time consolidation. Indicators also suggest there is room for further downside. Therefore, it may be prudent to wait a little longer before re-entering the stock or averaging if you had bought at higher stock has given a consolidation breakout on the weekly timeframe and appears poised for further upside. It faces resistance in the 2011–2020 zone. A decisive breakout above this level could trigger a strong rally, potentially taking the stock towards 2400. On the downside, support is placed at witnessed a spectacular rally on Friday, gaining over 15% on an intraday basis. The weekly chart shows strong momentum, indicating the potential for further upside in the short term. While the stock may continue its upward move with a sharp and aggressive pace, a pullback could offer a better entry opportunity following such a steep single-session stock has broken above multiple resistance levels on the daily chart, reflecting increasing bullish sentiment. It continues to trade above a key moving average, and the formation of higher highs and higher lows suggests an ascending trend. In the near term, the stock is expected to move towards Rs 1,330. On the downside, Rs 1,194 serves as crucial support—breaching this level could turn the sentiment has broken out of a consolidation phase, pointing to renewed strength. It is trading above a key moving average and has also held above the previous swing high on the daily chart—both signs of a bullish setup. In the short term, the stock could head towards Rs 143. However, if it breaks below Rs 132, it may invite selling has given a swing high breakout on the weekly chart, signalling improved sentiment. It continues to sustain above a key weekly moving average, while the RSI has confirmed a bullish crossover and is trending upward. As long as the stock holds above Rs 490, the outlook remains positive, with a potential move towards Rs 530 in the short term.
