In the last couple of trading sessions, Nifty traded in the red in the initial hours but recovered all losses as the session progressed and ended near the day’s high levels.


This indicates bulls were very aggressive where every dip in the prices was considered as a fresh buying opportunity in the market.

On the weekly chart, the index has moved up in the unchartered territory.

Also, the index has managed to move above 50 -day EMA on the weekly chart, indicating a bullish trend in the price.

Weekly RSI has moved above the previous swing high, which again is an indication of increased bullishness.

Momentum oscillator RSI (14) on the monthly chart has witnessed a falling channel pattern breakout and is currently reading above 60 levels with positive crossover.

Analysing through Elliot wave theory, prices have completed its intermediate fourth wave and an ongoing rally can be considered as an intermediate fifth wave.

As the market is inching higher, there is an upward shift in support level which is placed at 12,800 levels, which is supported by a 21-day exponential moving average.

A breach of the 12,800 mark will trigger a serious profit-booking in the index.

Fibonacci projection suggests 13,350 will be the next resistance to watch out for in the coming trading sessions.

Federal Bank has moved up after consolidation on the daily timeframe, suggesting a rise in optimism among investors.

The stock has also witnessed a breakout of the rectangle pattern on the daily scale.

After a prolonged correction, Tata Power has given a breakout of its inverted head and shoulder pattern on the weekly timeframe.

After forming a strong base around Rs 55, the stock has given a stellar move over the past couple of weeks along with the broader market rally.

The key technical indicators on the near term timeframe are in buy mode. The stock has the potential to continue the current up-move and will test higher levels.

Pidilite Industries

After the recent breakout of a symmetrical triangle pattern, the stock went through consolidation and completed its throwback near its trendline support on the weekly timeline.

Oscillators and momentum indicators RSI and MACD are showing strength in the stock on the weekly as well as daily charts.

The stock is trading above its 20, 50, and 100-day exponential moving averages on the weekly interval which is a bullish sign for the prices.

Weekly price action suggests the stock is getting ready for an uninterrupted rally as prices have completed their throwback.