Talking about the market, an expert from a brokerage firm said in an interview that last week, the Nifty Auto index gave a horizontal trendline breakout on a daily scale. After that, it saw a strong uptrend.
Most importantly, it has created a new all-time high. Indicators of momentum and oscillators suggest positive signs of bullishness.
In the light of daily and weekly charts, The Auto index is likely to continue its upward momentum and reach the mark of 28,000.
After this, its next target in the short term can be 28,400. On the other hand on the downside, the range of 27,100 to 27,000 can serve as immediate support for the index.
The short-term target of Rs 7,600 is possible in Polycab India
Polycab India Ltd’s weekly closing has been strong. In his review of this share, Sudeep said that this stock has shown an upward trendline daily.
This trend has been confirmed by the average 50-day volume. Apart from this, it formed a large bullish candle on the day of the breakout, which further strengthened the breakout.
Momentum indicators and oscillators suggest a strong bullishness of the share price. In such a situation, Sudeep believes that the uptrend can continue further and it can go up to the level of Rs 7,400.
After this, its next short-term target will be Rs 7,600. On the negative side, the immediate support can be seen in the range of Rs 6,930 to 6,900.
The index of oil and gas will continue to climb over the coming trading sessions
Last week, select PSU stocks like GAIL, HPCL, and BPCL saw a strong rally. Sudeep shared his thoughts on this, Sudeep said that all these stocks belong to that sector, which is the Nifty Oil & Gas market.
The Nifty Oil & Gas Index has recently taken support near the 100-day EMA and after that, it has again gained momentum.
The previous Friday it displayed a horizontal trendline breakout in the scale of daily. It also moved beyond the 20- and 50-day EMA levels and is a positive indication.
Furthermore, it is the case that the everyday RSI (Relative Strength Index) is nearing the 60 mark and is trending upwards. Therefore it is likely that the index will keep its upward trend during the upcoming trading sessions.
Quick Fact
| Company name | Polycab India |
|---|---|
| Uptrend seen | Yes |
| 50-day volume confirmation | Yes |
| Bullish breakout | Yes |
| Immediate support range | ₹6,930 to ₹6,900 |
| Possible target price | ₹7,400 |
| Possible next short-term target | ₹7,600 |
Nifty Auto Index
| Company name | Nifty Auto Index |
|---|---|
| Trendline breakout | Yes |
| New all-time high | Yes |
| Possible target price | 28,000 |
| Possible next short-term target | 28,400 |
| Immediate support range | 27,100 to 27,000 |
Nifty Oil & Gas Index
| Company name | Nifty Oil & Gas Index |
|---|---|
| 100-day EMA support | Yes |
| Horizontal breakout | Yes |
| RSI trending upwards | Yes |
| Above 20-day and 50-day EMA levels | Yes |
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