A strong technical setup is seen in these stocks; should you invest in them?

A strong technical setup is seen in these stocks; should you invest in them?

Indian Market
by 5paisa Research Team Last Updated: 2022-11-04T13:07:17+05:30

Nifty 50 started flat this morning, amid mixed global trends. In this post, we have highlighted top stocks experiencing a strong technical setup.

Nifty 50 index started off flat this morning, amid mixed global trends. For the fourth successive session, leading Wall Street indices concluded in the red on Thursday. This was due to expectations that the Fed will continue with its aggressive interest rate hikes for a longer period than anticipated.

The yield on the policy-sensitive 2-year bond has risen beyond 4.7%. Nasdaq Composite concluded the session in the red, down by 1.73%. Dow Jones declined 0.47% and S&P 500 slumped 1.04%. Asian counterparts rose on Friday, supported by a surge in Hong Kong and China markets.

Nonetheless, investors are apprehensive about the possibility of the Fed raising interest rates over 5% next year. In contrast, Japan had the strongest rise in services sector activity in four months. This was due to the relaxation of prohibitions on overseas tourism while domestic travel improved.

Nifty 50 was trading flat with a negative bias at 18,033.10, down 19.6 points or 0.11% at 11:40 a.m. Broader market indices traded mixed when compared to frontline indices. Nifty Mid-Cap 100 index was underperforming Nifty 50 index, down by 0.33% and Nifty Small-Cap 100 index was up by 0.24%

FIIs were net buyers and DIIs were net sellers, according to statistics as of November 3. Foreign Institutional Investors (FII) purchased shares worth Rs 677.62 crore. Domestic Institutional Investors (DII) sold Rs 732.11 crore in shares.

The following is a list of the top stocks that are experiencing a strong technical setup.

Stock Name

CMP (Rs)

Change (%)

Volume

Amara Raja Batteries Ltd.

574.1

10.5

1,02,42,575

Rites Ltd.

428.2

4.5

46,09,990

Bajaj Finserv Ltd.

1,790.2

3.9

39,66,586

Hindalco Industries Ltd.

416.9

1.6

38,82,990

Tata Motors Ltd.

422.4

1.5

41,63,641

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