This analysis highlights key sectors and stocks to watch.
◉ Nifty IT
- The Nifty IT sector has demonstrated resilience during the recent negative market sentiments.
- Notably, it has formed a Descending Broadening Wedge pattern and expected to breakout soon.
Stock to Watch – Coforge (NSE: COFORGE)
- The stock is currently trading just below its all-time high with a strong uptrend.
- Investors can consider accumulating shares on any dips.
◉ Nifty Finance
- The Nifty Finance sector has recently breached its trendline support and is now approaching its next key support level, ranging from 22,500 to 22,700.
Stock to Watch – Axis Bank (NSE: AXISBANK)
- The stock is currently trading at its support level, offering a potential short to mid-term trading opportunity.
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◉ Nifty PSU Bank
- The Nifty PSU Bank sector has consolidated within a range and is nearing its support zone.
Stocks to Watch – State Bank of India (NSE: SBIN)
- The stock is approaching its trendline support level.
- A buying opportunity may arise if the price reaches the 770 level.
◉ Nifty Pharma
- After experiencing a downturn, the Nifty Pharma sector is now approaching its trendline support level.
Stocks to Watch – Divis Laboratories (NSE: DIVISLAB)
- The price is overall in an uptrend.
- Following a record peak, the stock is now nearing its trendline support level.
- The best buy zone is between 5,500 and 5,600.
◉ Nifty Media
- The Nifty Media sector is expected to witness a potential pullback towards the 1,720-1,760 level.
Stocks to Watch – Network18 Media (NSE: NETWORK18)
- The stock is trading just above its trendline support zone, presenting a short to mid-term trading opportunity.
◉ Nifty Realty
- The Nifty Realty index is currently trading above its support zone.
Stocks to Watch – Oberoi Realty (NSE: OBEROIRLTY)
- The stock is trading at the support zone and expected to rise soon.
◉ Nifty FMCG
- After a downfall, index is approaching its trendline support level
Stocks to Watch – Varun Beverages (NSE: VBL)
- VBL is trading above its support zone, offering a short to mid-term trading opportunity.
◉ Nifty Metal
- The Nifty Metal sector is trading above its support zone.
Stocks to Watch – Ratnamani Metals & Tubes (NSE: RATNAMANI)
- The stock price has formed an Ascending Triangle pattern and is currently trading above the support level.
◉ Nifty Oil & Gas
- The Nifty Oil & Gas sector is also trading above its support zone.
Stocks to Watch – Aegis Logistics (NSE: AEGIS)
- The stock price is close to breaking through its trendline resistance.
- If it can maintain its position above this level, a rally may be imminent.
◉ Nifty Auto
- Lastly, the Nifty Auto sector is trading above its support zone.
Stocks to Watch – Eicher Motors (NSE: EICHERMOT)
- Eicher Motors is consolidating within a rectangle pattern, indicating a potential breakout.
TRADINGVIEW POSITION UPDATE
<p><a href=”https://in.tradingview.com/chart/CNXIT/7GJellH7-The-Outperformer-s-Guide-Top-Stocks-from-Each-Sector/”>The Outperformer’s Guide: Top Stocks from Each Sector</a> by <a href=”https://in.tradingview.com/u/GoodluckCapital/”>GoodluckCapital</a> on <a href=”https://in.tradingview.com/”>TradingView.com</a></p>
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⭐️ Ultra Equity Advice #109: Overall trend and broader pattern are bearish for this stock since last two years.
— Goodluck Capital (@CapitalGoodluck) January 23, 2020
Daily trendline, as well as RSI breakout, suggests going short.
🔗 Original Post: https://t.co/s6uHzw7xcN#technicalanalysis #trading #buysell #GoodluckCapitalUltra