The Nifty50 got back above the psychological 18,000 mark, supported by short covering and value buying, as the market had a strong start to the month of December.
The Nifty50 jumped over 200 points and formed a bullish candle on the daily charts.
The markets performed better than the benchmark. The SmallCap 100 index jumped 3.8 percent and the Nifty Midcap 100 index rallied 2.7 percent.
The pharma sector did not participate in the run up. Poonawalla Financialcorp, which surged 14 percent to Rs 280.5 and formed a big bullish candle on the daily charts, was one of the stocks that did well. The big horizontal resistance trend line has been broken by the stock.
The shares formed a healthy bullish candle on the daily charts and surged 13 percent. The stock broke out of a downward sloping resistance line in the last hour of trade on Monday. The stock took a good support at the low point seen in the beginning of December.
Punjab National Bank gained almost 8 percent and formed a bullish candlestick pattern on the daily charts with above average volumes. The stock has been able to break out of a small downward sloping resistance line.
When the market reopens today, Vidnyan Sawant of GEPL Capital advises investors to sell these stocks.
There is a jewelry store called Kalyan Jewellers India.
We can see that the prices are in a clear uptrend while maintaining high and low prices by looking at the broader picture of the store.
We can see the change in the polarity by the prices around Rs108. The bounce in the prices was preceded by the 50-dayEMA which confirms the uptrend.
The RSI is moving in line with the prices reflecting the strength of the RSI.
The target of the stock is Rs 150 and the stop-loss is Rs 105.
Poonawalla Financialcorp is located in Poonawalla.
The prices were supported by the bullish trend line from April 2021. The stock recently showed a strong volume participation, which suggests that the demand is pushing the prices higher.
The reversal to the upside has been confirmed by the stock's ascent to the 200 day exponential moving average. Strong momentum has been seen in the Stochastic RSI on the day.
The target of the stock is Rs 330 and the stop-loss is Rs 250.
The bank of Punjab.
PNB is close to its 52 week high and is in good shape. The change in the polarity can be seen around the level of Rs 48.25.
The stock has shown a bounce to the upside and has taken support from the 50 days exponential moving average. The RSI on the Daily is showing aBullish reversal.
The target of the stock is Rs 60 and the stop-loss is Rs 48.
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