Chart Busters: Top trading set-ups to watch for Monday

Chart Busters: Top trading set-ups to watch for Monday

by 5paisa Research Team Last Updated: Dec 15, 2022 - 01:26 pm 35.7k Views
Listen icon

Much on the anticipated lines, the NIFTY staged a strong short-covering led technical pullback that helped the index close with a strong recovery of 410.45 points 2.53%. In the process, the index has formed a slightly higher top but significantly higher bottom on the charts. The current recovery is purely due to short-covering as the up move in NIFTY was seen with a reduction of Net futures OI in the March series.

Given the buoyant global trade setup, this up move may get extended on Monday as well which will cause the NIFTY to open near to the 200-DMA which stands at 16903. It would be crucial for NIFTY to maintain opening gains and the intraday trajectory that it forms after opening will be crucial to watch.

BANK OF BARODA 

BANKBARODA has been one of the most resilient PSU Banking stocks. It presently trades above all its key moving averages. After breaking above 107 following a double top on the daily chart, the stock had suffered a total throwback which took it below this point. Few technical signs show that some more upward revision in price is likely for this stock. The MACD is bearish but the rapidly narrowing slope of the Histogram may lead to a positive crossover in the coming days. RSI is neutral and does not show any divergence against the price. The OBV is at its high point; the RS line against the broader market is in a firm uptrend and above the 50-DMA. The stock may see 111 – 114 levels going ahead; any close below 102 will negate this view.

HINDALCO

HINDALCO has encountered a classical double top resistance at 552 and has resisted to this point. Over the past couple of days, the stock has been consolidating near this point; after having bounced off the 50-DMA, it is set to move higher toward its high price again. The OBV – On Balance Volume revolves around its high point. The RS line against the broader NIFTY 500 index has hit a new high; it remains in a firm uptrend and above its 50-DMA. A fresh PSAR buy signal has also emerged on the chart. The volumes remain comfortably above their 25-day average. If the move resolves on the expected lines, the stock may test 355-370 levels over the coming days. Any close below 518 will negate this view.

 

Also read: Swing Trading Stocks for the week : February 28 , 2022

Share Market Today


How do you rate this article?

or

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

378X91-D3

About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.


Open Free Demat Account
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest News
Graphisads IPO final subscription: 3.85x oversubscribed

About the Graphisads IPO Graphisads

Marinetrans India IPO oversubscribed 33 times in final subscription

About the Marinetrans India IPO Mar

India's Stock Market Achieves $4 Trillion Valuation for the First Time

India's stock market, now the world's fifth-largest, is on the verge of hitting a historic $4 trillion valuation. Since the low point during the pandemic in March 2020, the market capitalization of listed securities has tripled.