The Indian market was another day of consolidation in yesterday’s trading. Let us tell you that in the earlier trading sessions, there was a good rally in the market. Nifty50 has been able to hold the level of 17350 even in the midst of volatility. At the same time, Sensex has managed to stay above 58,000.
On Wednesday, the Nifty had settled at 17,353.50 with a loss of 8.60 points. At the same time, the Sensex had settled at 58,250.26, down 29.22 points. Yesterday, there was a sell-off in select IT stocks, auto and pharma stocks. At the same time, buying was seen in banking and select metal stocks.
Info Edge, Neogen Chemicals and ICICI Pru saw strong gains in yesterday’s trade. Info Edge touched a fresh record high of Rs 6,748.35 in intraday trading yesterday. At the end of trading, the stock closed at 6,720.45 with a gain of 8.72 per cent. Neogen Chemicals also made a new high of Rs 1,223.70 and finally closed at 1,198.35 with a gain of 8.91 per cent. Similarly, ICICI Pru also closed at 716.85 with a gain of 2.07 per cent yesterday. It touched a record high of 724.50 in intraday.
Let us now know what is the advice of Ruchit Jain of Angel Broking on stocks.
There is still a positive trend in this stock. But the RSI oscillator is giving a signal to move into the overbought zone. In such a situation, short term traders are advised to take profits in any bounce around 6,900-7,000. For this, immediate support is visible at 6,425 level.
This stock has seen a breakout from its consolidation phase. Now the uptrend is visible in it. The volume has also been good in this stock in the last few sessions which augurs well for it. The support of this stock has now shifted upwards to Rs 1,100. Those who have this share, stay in it. For this, put a stop loss below Rs 1,100. If this stock remains in momentum, then it can see a level of Rs 1,400.
ICICI Prudential Life Insurance
Buying has been seen in this stock with good volume. The stock is expected to remain bullish in the near term as well. The near term support of this stock is located near Rs 689. On the top side, the resistance is visible at Rs 750 for this.
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