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Economic Times
3 days ago
- Business
- Economic Times
Technical Breakout in MCX Hints at Rally; Support Seen at Rs 6,260
'On the daily chart, MCX stock has recently given a breakout from a Pennant formation, a continuation pattern that typically indicates the potential for further upward movement. Traders can buy for a target of Rs 6910-7370 in the next few weeks,' Kkunal V. Parar, Vice-President of Technical Research and Algo, Choice Broking, said. Show more 04:06 06:16 01:28 07:08 01:38 04:40 03:48 02:17 06:32 01:25 02:35 04:55 06:21 04:31 01:40 06:04 05:39 07:05 02:22 05:26 01:45 02:41 02:40 01:29 05:00 03:14 04:45 06:38 01:11 04:28 06:32 02:23 01:51 04:40 02:05 05:11 01:54 01:23 05:12 02:10
Time of India
3 days ago
- Business
- Time of India
stock radar: Technical Breakout in MCX Hints at Rally; Support Seen at Rs 6,260 - The Economic Times Video
'On the daily chart, MCX stock has recently given a breakout from a Pennant formation, a continuation pattern that typically indicates the potential for further upward movement. Traders can buy for a target of Rs 6910-7370 in the next few weeks,' Kkunal V. Parar, Vice-President of Technical Research and Algo, Choice Broking, said.
Time of India
3 days ago
- Business
- Time of India
Technical Breakout in MCX Hints at Rally; Support Seen at Rs 6,260
'On the daily chart, MCX stock has recently given a breakout from a Pennant formation, a continuation pattern that typically indicates the potential for further upward movement. Traders can buy for a target of Rs 6910-7370 in the next few weeks,' Kkunal V. Parar, Vice-President of Technical Research and Algo, Choice Broking, said. Show more Show less
Mint
28-05-2025
- Business
- Mint
Indian stock market: 7 key things that changed for market overnight - Gift Nifty, weak US dollar to gold prices
Indian stock market: Both Indian indices - Sensex and Nifty - is likely to open in red on Wednesday despite market rally in global markets after U.S. President Donald Trump extended the deadline for a 50% tariff on European Union imports until July 9. Asian markets saw a significant rally on Wednesday after Wall Street extended gains on investor optimism. On Tuesday, the Indian stock market ended the day in red on heavy profit booking in large-caps and engaged in selective buying in the mid- and small-cap segments by investors. The Sensex closed 625 points, or 0.76%, lower at 81,551.63, while the Nifty 50 declined by 175 points, or 0.70%, to finish at 24,826.20. 'The Indian equity market witnessed a volatile session on May 27, with both benchmark indices ending notably lower. The Nifty declined by 175 points, while the Sensex fell by 625 points, reflecting broad-based profit booking across key sectors. Interestingly, the Defense sector outperformed, gaining over 1%, whereas Auto, Banking, and IT stocks came under pressure due to intraday selling. After an early dip, the market recovered sharply during the day, but selling pressure re-emerged at higher levels, leading to a weak closing. This choppy price action indicates a lack of clear direction, suggesting that traders are in a wait-and-watch mode, anticipating a decisive breakout on either side before taking aggressive positions," said Mandar Bhojane, Equity Research Analyst at Choice Broking. Asia-Pacific markets moved higher on Wednesday, following Wall Street's positive performance, as investor sentiment improved after U.S. President Donald Trump postponed the implementation of a 50% tariff on European Union imports to July 9. Japan's Nikkei 225 gained 1.06%, and the Topix index rose by 0.88%. South Korea's Kospi climbed 0.65%, while the Kosdaq, focused on smaller companies, increased by 0.53%. In Australia, the S&P/ASX 200 edged up by 0.21%. Gift Nifty was trading around 24,854 level, trading 7 points lower, indicating a flat start for the Indian stock market indices. Wall Street rallied on Tuesday as investors grew more willing to take risks following U.S. President Donald Trump's recent easing of tariffs and a surprising rise in consumer confidence. The Dow Jones Industrial Average climbed 740.58 points, or 1.78%, reaching 42,343.65. Meanwhile, the S&P 500 advanced 118.72 points, or 2.05%, to close at 5,921.54, and the Nasdaq Composite surged 461.96 points, or 2.47%, ending the session at 19,199.16. The dollar index fell 0.1% after a sharp rise in the previous session, making greenback-priced gold more attractive for other currency holders. Yields on ultra-long Japanese government bonds (JGBs) dropped significantly, according to Reuters. The 30-year JGB yield declined by 10 basis points to 2.935%, marking its lowest level since May 14. Meanwhile, the 40-year yield fell by 10.5 basis points to 3.43%, and the 20-year yield decreased by 7 basis points to 2.435%. The 10-year JGB yield slipped 2 basis points to 1.485%, while the five-year yield remained unchanged at 1.01%. Gold prices gained on Wednesday, helped by a slight retreat in the dollar and lower U.S. bond yields as investors await a U.S. core Personal Consumption Expenditures (PCE) price index report due later this week for interest rate clues. Spot gold was up 0.5% at $3,314.19 an ounce, as of 0040 GMT, after dropping more than 1% on Tuesday. U.S. gold futures rose 0.4% to $3,313.20. Oil prices fell by 1.5% on Tuesday, driven by concerns over a potential oversupply. These worries were fueled by signs of progress in negotiations between Iranian and U.S. officials, as well as expectations that OPEC might agree to raise production at an upcoming meeting later this week. By 14:57 GMT, Brent crude futures had dropped 99 cents, or 1.5%, to $63.73 per barrel, while U.S. West Texas Intermediate crude declined by $1.02, or roughly 1.7%, to $60.48 per barrel. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
27-05-2025
- Business
- Mint
Shares to buy for short-term: From ITC, RVNL to CAMS— experts suggest 6 stocks to buy today amid stock market crash
Shares to buy for the short term: Over the past few sessions, the Indian stock market has been following a trend of 'selling on rise' and 'buying on dips', as a combination of headwinds and tailwinds continues to keep investors uncertain about the market's near-term trajectory. After clocking gains for the last two consecutive sessions, the Nifty 50 fell over a per cent in intraday trade on May 27 on profit booking amid weak global cues, stretched valuations and a lack of fresh immediate triggers. On the other hand, the medium—to long-term prospects of the domestic market remain healthy amid anticipation of solid economic growth, an above-normal monsoon, a strong influx of retail investors, and easing inflation. Experts suggest that at this juncture, investors should focus on stocks with strong fundamentals and favourable technical indicators. Vishnu Kant Upadhyay of Master Capital Services and Mandar Bhojane of Choice Broking recommend buying the following six stocks for the next two to three weeks. ITC has broken out above a key falling trendline resistance, signalling a bullish reversal from its prolonged downtrend. The stock closed at ₹ 443 on Monday, surpassing both its 34-day and 200-day EMAs. The recent price action also saw a consolidation breakout, supported by a bullish Supertrend indication at ₹ 415. "With improving volume, positive development in MACD and positive structure, ITC appears poised for further gains, potentially targeting 470–480 in the near term. Momentum traders may consider accumulating on dips," said Upadhyay. Chennai Petroleum stock shows a notable bullish structure on the daily chart, with a well-defined inverse head and shoulders pattern, a classic bottom reversal formation signalling a potential trend shift from bearish to bullish. The neckline resistance around ₹ 660 has been violated, and the price is attempting to sustain above it. Volume has also picked up near the neckline breakout zone, adding credibility to the move. "Post-breakout, the pattern's projected target could extend towards ₹ 765-780 in the coming weeks," Upadhyay said. RVNL has decisively broken out above a long-term falling trendline, signalling a strong bullish reversal. The stock closed at ₹ 412.05 on Monday, firmly above its 34-day and 200-day EMAs at ₹ 375 and ₹ 390, respectively, confirming positive price strength. Rising momentum, as seen in the bullish MACD crossover and RSI hovering near 63, supports the breakout, indicating room for further upside. This move marks the end of a prolonged consolidation phase and opens the path for higher targets. "Traders may look for potential upside towards ₹ 470-485, with strong support now placed near ₹ 378," said Upadhyay. HUDCO stock is showing signs of a potential breakout from an inverted head-and-shoulders pattern, accompanied by a significant increase in trading volume, which indicates a bullish trend. "If the price closes above the ₹ 240 level, it could reach short-term targets of ₹ 270 and ₹ 280. On the downside, immediate support is at ₹ 230, presenting a buying opportunity on dips. To manage risk prudently, a stop loss at ₹ 224 is recommended," said Bhojane. HCC stock has recently broken out of its daily range, with a significant increase in trading volume, suggesting a potential bullish breakout. "If the price closes above the ₹ 31.50 level, it could reach short-term targets of ₹ 35.50 and ₹ 36. On the downside, immediate support is at ₹ 30, offering a buying opportunity on dips. To manage risk effectively, a stop loss at ₹ 29 is advisable," said Bhojane. CAMS stock is on the verge of a breakout from an ascending triangle pattern on the daily chart, accompanied by a significant increase in trading volume, indicating a strong bullish trend. "If the price closes above the ₹ 4,000, it could potentially reach short term targets of ₹ 4,400 and ₹ 4,500. On the downside, immediate support is at ₹ 3,880, offering a buying opportunity on dips. To manage risk effectively, it is advisable to set a stop loss at ₹ 3,770," said Bhojane. Read all market-related news here Read more stories by Nishant Kumar Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.
