Hot Stocks | Technical charts show buy signals for Berger Paints, MFSL, DCM Shriram
Episode 2645, Jun 25, 2020, 12:30 AM
Benchmark index Nifty witnessed sharp profit-booking on June 24 after claiming gains for four consecutive trading sessions.
It was again a volatile day for the Nifty as the market witnessed a gap up opening but failed to hold the gains and traded in both the directions.
During the second half of the trading session, Nifty witnessed selling pressure and closed below the opening of June 23 and formed bearish engulfing candlestick pattern.
Nifty, on the daily chart, is trading in a rising channel formation. On the weekly chart, the index has formed a rising wedge formation.
With the monthly F&O expiry this week, we expect the market to trade volatile with rollover movement in individual sectors and stocks and the geopolitical news flow could add more volatility.
On the technical front, the secondary oscillators suggest that volatility will grip the market in the coming sessions.
Indian bourses are currently capped under the 50-week exponential moving average which is placed around 10,600 odd levels.
The break of 10,550–10,600 level will open the gate for 11,000 level in the coming trading sessions. In case the index violates 10,000 level, a sharp decline will take place which could drag the index towards 9,700 – 9,500 levels.