Nifty 17463.5 (1.67%)
Sensex 58654.75 (1.77%)
Nifty Bank 37274.05 (1.79%)
Nifty IT 35947.15 (1.91%)
Nifty Financial Services 18277.75 (1.66%)
Adani Ports 761.60 (2.27%)
Asian Paints 3110.95 (2.66%)
Axis Bank 696.35 (1.36%)
B P C L 391.10 (0.85%)
Bajaj Auto 3331.00 (1.36%)
Bajaj Finance 7375.00 (3.83%)
Bajaj Finserv 17650.00 (3.16%)
Bharti Airtel 714.90 (2.30%)
Britannia Inds. 3573.30 (2.85%)
Cipla 897.50 (0.93%)
Coal India 150.90 (0.17%)
Divis Lab. 4604.90 (-0.43%)
Dr Reddys Labs 4566.40 (1.01%)
Eicher Motors 2507.75 (1.45%)
Grasim Inds 1716.80 (1.85%)
H D F C 2852.70 (1.25%)
HCL Technologies 1170.85 (1.84%)
HDFC Bank 1554.50 (1.89%)
HDFC Life Insur. 686.05 (-1.20%)
Hero Motocorp 2489.30 (1.12%)
Hind. Unilever 2338.35 (0.72%)
Hindalco Inds. 457.70 (3.44%)
I O C L 120.40 (-0.17%)
ICICI Bank 753.25 (2.53%)
IndusInd Bank 946.35 (2.13%)
Infosys 1754.00 (2.47%)
ITC 224.85 (1.90%)
JSW Steel 674.00 (2.02%)
Kotak Mah. Bank 1919.25 (-0.92%)
Larsen & Toubro 1824.35 (1.46%)
M & M 840.40 (1.75%)
Maruti Suzuki 7443.95 (3.58%)
Nestle India 19487.15 (0.74%)
NTPC 127.35 (1.60%)
O N G C 148.65 (1.88%)
Power Grid Corpn 204.60 (-0.58%)
Reliance Industr 2416.60 (1.46%)
SBI Life Insuran 1169.00 (0.85%)
Shree Cement 26191.00 (1.73%)
St Bk of India 492.00 (3.21%)
Sun Pharma.Inds. 758.40 (1.98%)
Tata Consumer 772.30 (1.52%)
Tata Motors 494.45 (2.63%)
Tata Steel 1171.40 (1.97%)
TCS 3626.65 (1.18%)
Tech Mahindra 1604.25 (1.75%)
Titan Company 2407.00 (1.11%)
UltraTech Cem. 7425.00 (1.72%)
UPL 728.35 (0.19%)
Wipro 641.70 (1.47%)
Chart Busters: Top trading set-ups to watch out for on Thursday
by 5paisa Research Team 28/10/2021

On Wednesday, the benchmark index Nifty has opened flat and mostly traded in a narrow range of 83 points. However, the last hour of trading sessions witnessed a fall of nearly 136 points. The Nifty index has closed at 18210.95 with a loss of 57.45 points or 0.31%. The price action has formed a bearish candle. The Nifty Midcap 100 and Nifty Smallcap 100 has outperformed the benchmark indices on Wednesday. The advance-decline ratio was in the favour of advancers.

Here are the top trading set-ups to watch out for Thursday. 

Minda Corporation: Considering the daily chart, the stock has given a downward sloping trendline resistance breakout. This breakout was confirmed by above 50-days average volume. Additionally, the stock has formed a sizeable bullish candle on breakout day which adds strength to the breakout. The stock is trading above its important short to long-term moving averages i.e. 20, 50, 100 and 200 DMA. It is also in a rising trajectory.

Interestingly, the daily RSI has also given downward sloping trendline resistance breakout. Currently, daily RSI is quoting at 64.70 and it is in rising mode. The weekly RSI has also surged above the 60 mark for the first time after August 2021. The MACD line just crossed the signal line, and the histogram became green. Moreover, it has also given the buy signal in Martin Pring’s long-term KST set-up. On the daily timeframe, ADX is 12.35 and suggests that the trend is yet to be developed. Directional indicators continue in the ‘buy’ mode as +DI continues above –DI.

In a nutshell, the stock has registered a bullish breakout along with volume confirmation. On the upside, the level of Rs 148 will act as minor resistance. While on the downside, the 8-day EMA will act as strong support for the stock.

K.P.R. Mill: Majorly, the stock is displaying a bullish trend as it is trading above its short and long-term moving averages. These averages are in the desired sequence, which suggests the trend is strong. For the last 22 trading sessions, the stock is trading in a falling channel. Currently, it is on verge of giving the channel breakout on the daily chart. On Wednesday, the stock has touched the upper trendline of the falling channel. On Wednesday, the stock has seen robust volume above the 50-days average volume. This shows the accumulation before the actual breakout happen. Daily RSI is trading above 50 levels, indicating a bullish setup for the stock. The fast stochastic is also trading above its slow stochastic line.

Going ahead, the stock is on verge of seeing a trendline breakout. If it moves above the Rs 482-Rs 485 zone, then we may see a sharp upside in the stock. On the downside, the 20-day EMA will act as strong support, which it is currently quoting at Rs 449 level.

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