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Economic Times
a day ago
- Business
- Economic Times
Nifty awaits trigger as June series kicks off with cautious tone, 25,100 key level: Rahul Ghose
Markets ended the week on a cautious note, marking the second consecutive week of consolidation. This subdued performance came amid ongoing global trade tensions and anticipation surrounding domestic policy developments. ADVERTISEMENT The benchmark indices, the Sensex and the Nifty, witnessed notable volatility through the week, eventually closing lower as investors reacted to uncertainties over U.S. tariff developments. Analyst Rahul Ghose, Founder and CEO, Octanom Tech and interacted with ET Markets regarding the outlook on Nifty and Bank Nifty along with an index strategy for the upcoming series. The following are the edited excerpts from his chat: The Nifty 50 index is currently in a consolidation phase, trading between 24,462 and 25,116, reflecting market indecision. The series of Dojis and spinning tops on the daily and weekly time frame further suggests that markets are likely to stay range-bound in the short to medium term. Key support resides at 24,164-23,935, while resistance is seen at 25,070 to 25,150. The June F&O series begins with elevated open interest (1.26 crore shares) but reduced FII long positions compared to previous months. Historically, June has been favourable, with three positive returns in the last four years. Nifty can head to 25,740, once we see two closings above the 25,100 mark, until then one should only look to be in hedged positions. Bank Nifty is consolidating between 53,500 and 56,000 with a series of indecisive candles. A sustained move above 56,100 (which is the high of the bearish engulfing candle) could trigger a rally toward 56,700. Bank Nifty looks likely to break out. ADVERTISEMENT FIIs reduced Nifty long positions to half of April/May levels, indicating caution. However, their net buying in April-May (Rs 25,841 crore) and focus on the RBI policy (June 6) and monsoon progress suggest potential catalysts for renewed momentum. ADVERTISEMENT The index's rangebound action (24,160–25,100) favours stock-specific opportunities, particularly in sectors like IT and pharma, showing relative strength. Index traders should wait for a confirmed breakout/breakdown. A move below 23,900 levels will open the opportunity for further downside where whereas a move above 25,100 levels would lead to an upside. The bigger time frame price action suggests that, probability of Nifty moving towards the upside is much higher than the downside. ADVERTISEMENT RIL is forming a symmetrical triangle on the daily chart and is currently testing the upper boundary near Rs 1,440. A breakout above Rs 1,440 with volume confirmation could lead to a move toward Rs 1,530-1,550 levels. The stock is holding above its 50-DMA and showing positive RSI divergence on the hourly chart — a sign of latent strength. Short-term support lies at Rs 1,396-1,390 like RIL, HDFC Bank is trading in a symmetrical triangle formation. A break above 1980 levels with good volumes could lead the stock towards newer highs. Rs 1,980 happens to be a short-term resistance for the stock with a strong engulfing bear candle. As Bank Nifty is expected to remain bullish, HDFC Bank is likely to break out sooner rather than later. ADVERTISEMENT ICICI Bank is slightly overstretched on the monthly & quarterly time frames. The RSI levels on a monthly basis are around 75, and quarterly, around 85. Since structurally it is in a strong uptrend, one should look to enter on a pullback rather than impulsively jumping around the CMP. Rs 1,300-1,320 area would be a good level to stock is in a strong uptrend on all time frames. However, considering the vertical rally in the stock recently, buying in a staggered manner would be a better approach. The bigger time frame charts of Suzlon are bullish and the stock could continue to trade with a strong momentum. The weekly and monthly RSI levels of Suzlon are above 60, suggesting a strong uptrend. Friday closed with a Gravestone DOJI candle after a strong gap up, signalling the stock could pull back in the short term. A pullback towards 58-60 would be a good opportunity for re-entry. Ola continues to make lower tops and lower bottoms on a daily and weekly time frame. The buying structure is clearly not visible on price charts. Such stocks are better entered when the stock breaks out post some sort of base formation, like it happened in Nyka or Zomato. Currently, this is not visible in Ola. Technically, Mazdock is extremely strong and all pullbacks will be potential buying opportunities. With the recent rally, the indicators have obviously entered an overbought territory, which means traders should only look to enter such stocks on a pullback. On charts,a pullback to the levels of Rs 2,800-2,900 would be a good point to enter. This level has a confluence with the 50 DMA & offers a good reward to risk ratio. Bajaj Auto is currently trading around the monthly 20 EMA & has been consolidating around that level for 2-3 months. The stock might continue to hover around this range before moving up again. Overall, technically, the stock looks positive. Among the sectors, Nifty Bank, Nifty IT and Nifty metals look positive on charts, whereas Nifty FMCG & Nifty Auto look negative. Nifty Auto and FMCG are showing signs of consolidation on monthly charts & one needs to be very selective while picking stocks in these sectors. Nifty IT & Nifty metals look to be in strong momentum, trading close to their key averages. Any pullbacks would be an opportunity to IT Picks: Largecaps (Infosys, TCS) for stability; midcaps (Coforge, Persistent) for breakout Bank & Reliance, both heavyweights, look to be on the verge of a breakout on the daily charts. Cummins looks to be a strong momentum play and has huge potential in the short to medium term. The stock has just come out of a base formation on weekly & is showing signs of moving towards Rs 3,700-4,000 levels in the short-term Nifty: Trade the range (24,400–25,100) with stops. Go long above 25,100& short below 23900 levels. Sector – Overweight on Banking & Midcap IT, Underweight on FMCG. Trade with tight stop losses. Be willing to change stance from bullish to bearish and vice-versa if the market breaks key levels on either side (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
a day ago
- Business
- Time of India
Nifty awaits trigger as June series kicks off with cautious tone, 25,100 key level: Rahul Ghose
Markets ended the week on a cautious note, marking the second consecutive week of consolidation. This subdued performance came amid ongoing global trade tensions and anticipation surrounding domestic policy developments. The benchmark indices, the Sensex and the Nifty , witnessed notable volatility through the week, eventually closing lower as investors reacted to uncertainties over U.S. tariff developments. Analyst Rahul Ghose, Founder and CEO, Octanom Tech and interacted with ET Markets regarding the outlook on Nifty and Bank Nifty along with an index strategy for the upcoming series. The following are the edited excerpts from his chat: How is Nifty positioned technically as we step into the June series? The Nifty 50 index is currently in a consolidation phase, trading between 24,462 and 25,116, reflecting market indecision. The series of Dojis and spinning tops on the daily and weekly time frame further suggests that markets are likely to stay range-bound in the short to medium term. Key support resides at 24,164-23,935, while resistance is seen at 25,070 to 25,150. The June F&O series begins with elevated open interest (1.26 crore shares) but reduced FII long positions compared to previous months. Historically, June has been favourable, with three positive returns in the last four years. Nifty can head to 25,740, once we see two closings above the 25,100 mark, until then one should only look to be in hedged positions. Live Events Bank Nifty was eyeing its all-time high recently — how does the setup look now? Bank Nifty is consolidating between 53,500 and 56,000 with a series of indecisive candles. A sustained move above 56,100 (which is the high of the bearish engulfing candle) could trigger a rally toward 56,700. Bank Nifty looks likely to break out. What signals are you getting from recent FII activity? FIIs reduced Nifty long positions to half of April/May levels, indicating caution. However, their net buying in April-May (Rs 25,841 crore) and focus on the RBI policy (June 6) and monsoon progress suggest potential catalysts for renewed momentum. Given the current structure, is there more clarity in trading the index or individual stocks? The index's rangebound action (24,160–25,100) favours stock-specific opportunities, particularly in sectors like IT and pharma, showing relative strength. Index traders should wait for a confirmed breakout/breakdown. A move below 23,900 levels will open the opportunity for further downside where whereas a move above 25,100 levels would lead to an upside. The bigger time frame price action suggests that, probability of Nifty moving towards the upside is much higher than the downside. Let's talk about some heavyweights — what's the technical setup for RIL right now? RIL is forming a symmetrical triangle on the daily chart and is currently testing the upper boundary near Rs 1,440. A breakout above Rs 1,440 with volume confirmation could lead to a move toward Rs 1,530-1,550 levels. The stock is holding above its 50-DMA and showing positive RSI divergence on the hourly chart — a sign of latent strength. Short-term support lies at Rs 1,396-1,390 levels. How does HDFC Bank look on the charts? Just like RIL, HDFC Bank is trading in a symmetrical triangle formation. A break above 1980 levels with good volumes could lead the stock towards newer highs. Rs 1,980 happens to be a short-term resistance for the stock with a strong engulfing bear candle. As Bank Nifty is expected to remain bullish, HDFC Bank is likely to break out sooner rather than later. What's your technical view on ICICI Bank? ICICI Bank is slightly overstretched on the monthly & quarterly time frames. The RSI levels on a monthly basis are around 75, and quarterly, around 85. Since structurally it is in a strong uptrend, one should look to enter on a pullback rather than impulsively jumping around the CMP. Rs 1,300-1,320 area would be a good level to enter. How is Bharti Airtel trading technically? The stock is in a strong uptrend on all time frames. However, considering the vertical rally in the stock recently, buying in a staggered manner would be a better approach. Let's have your view on the companies that have reported their Q4 earnings recently. What are the chart signals saying for Suzlon? The bigger time frame charts of Suzlon are bullish and the stock could continue to trade with a strong momentum. The weekly and monthly RSI levels of Suzlon are above 60, suggesting a strong uptrend. Friday closed with a Gravestone DOJI candle after a strong gap up, signalling the stock could pull back in the short term. A pullback towards 58-60 would be a good opportunity for re-entry. Ola has been in focus — is there a tradable structure visible on the charts? Ola continues to make lower tops and lower bottoms on a daily and weekly time frame. The buying structure is clearly not visible on price charts. Such stocks are better entered when the stock breaks out post some sort of base formation, like it happened in Nyka or Zomato. Currently, this is not visible in Ola. What's the technical outlook for Mazdock right now? Technically, Mazdock is extremely strong and all pullbacks will be potential buying opportunities. With the recent rally, the indicators have obviously entered an overbought territory, which means traders should only look to enter such stocks on a pullback. On charts,a pullback to the levels of Rs 2,800-2,900 would be a good point to enter. This level has a confluence with the 50 DMA & offers a good reward to risk ratio. How is Bajaj Auto positioned technically after its recent moves? Bajaj Auto is currently trading around the monthly 20 EMA & has been consolidating around that level for 2-3 months. The stock might continue to hover around this range before moving up again. Overall, technically, the stock looks positive. With the earnings season largely behind us, how are the key sectoral charts shaping up? Among the sectors, Nifty Bank , Nifty IT and Nifty metals look positive on charts, whereas Nifty FMCG & Nifty Auto look negative. Nifty Auto and FMCG are showing signs of consolidation on monthly charts & one needs to be very selective while picking stocks in these sectors. Nifty IT & Nifty metals look to be in strong momentum, trading close to their key averages. Any pullbacks would be an opportunity to buy. What are your top technical picks in the IT space — both largecaps and midcaps? Top IT Picks: Largecaps (Infosys, TCS) for stability; midcaps (Coforge, Persistent) for breakout potential. Which stocks are currently showing strong technical setups or breakout potential? HDFC Bank & Reliance, both heavyweights, look to be on the verge of a breakout on the daily charts. Cummins looks to be a strong momentum play and has huge potential in the short to medium term. The stock has just come out of a base formation on weekly & is showing signs of moving towards Rs 3,700-4,000 levels in the short-term Finally, what can be a go-to strategy for the tarders to navigate the June series? Nifty : Trade the range (24,400–25,100) with stops. Go long above 25,100& short below 23900 levels. Sector – Overweight on Banking & Midcap IT, Underweight on FMCG. Trade with tight stop losses. Be willing to change stance from bullish to bearish and vice-versa if the market breaks key levels on either side ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Hindustan Times
2 days ago
- Business
- Hindustan Times
BMC selects RIL to develop open spaces along Coastal Road
Mumbai: Nearly a year after Mumbai's Coastal Road was opened to traffic, the Brihanmumbai Municipal Corporation (BMC) has selected Reliance Industries Limited (RIL) to develop 53 hectares of reclaimed open space along the road. The company will take at least three to four months to prepare a plan, following which work on realising new open spaces along the road from Priyadarshini Park to Worli will commence, said sources in the civic body. On Thursday, BMC commissioner Bhushan Gagrani signed the letter of intent (LoI) outlining terms of the deal between BMC and RIL. 'Reliance was one of the companies that evinced interest in developing open spaces along the entire stretch of the Coastal Road,' said Gagrani. Another official from the Coastal Road department said RIL was the only firm that met the requirements specified in the call for expressions of interest (EOI). 'It was also the only company that had experience in developing such a large tract of open space,' the official said. The company will take at least 3-4 months to revert to the BMC with a design, said Gagrani. 'We will approve the design after discussions, perhaps involving external landscape architects,' he mentioned. HT reached out to RIL for comments on the development, but did not get any response from the company. Initially, the BMC had planned to develop open spaces along the ₹13,000-crore Coastal Road of its own accord. The plan was rolled back due to estimated additional expenditure of ₹400 crore and increased capital expenditure on big ticket projects including north-ward extension of the Coastal Road. In January this year, the civic body issued a call for expressions of interest (EoI) to develop and maintain the open spaces for a period of 30 years, extendable by another 30 years. The open spaces would include gardens, parks, waterbodies, and cycle and pedestrian walkways, and commercial activities would be allowed subject to permission from the Supreme Court, the EoI mentioned. The move to allow commercial activities subject to court approval irked many Mumbaikars, who saw it as a bid to privatise these spaces. Meanwhile, an online petition seeking an urban forest all along the Coastal Road has garnered over 40,000 signatures. Nandini Chabria, a member of the core team behind the proposal to create the urban forest, said the 53-hectare open space could be divided into three zones. The seaward side could have wind-breaker and salt-tolerant trees like Kewda, Sultan Champa, and Powderpuff mangrove while the side adjacent to the carriageway could have evergreen and deciduous trees like Jamun, Bakul and Amaltas. The zone in the middle could have shade-giving trees and flowering shrubs to attract butterflies, she said. 'This is a rare opportunity for us to turn the open space into a rich, climate-smart green zone,' said Chabria. 'Rising temperatures in the city, increase in sea levels and deteriorating air quality warrant the development of such a zone.' While the proposal was submitted to the BMC this week, municipal commissioner Gagrani said it would 'definitely be considered' while finalising the plan for the open space. Half hectare excluded A little over half a hectare – equivalent to the size of a football field – has been left out of the 53-hectare open space that will be developed and maintained by RIL. This includes the 3,000 sqm and 2,300 sqm sought by the Breach Candy Club and the Breach Candy Hospital, respectively. Both institutions claimed the portions fell within the area between the high tide line and the low tide line, and they had gone underwater over time. The hospital has been given its share as per instructions from the collector as it holds the lease for the reclaimed portion and wants to convert it into a parking lot. The Breach Candy club, which also owns the reclaimed portion it had sought, are still in the process of claiming it. 'Though these portions have been excluded from the open space, no built-up construction will be allowed on them due to the existing reservations on the plots,' said an official from the Coastal Road department. These portions would likely be out of bounds for the public, the official added.
Economic Times
3 days ago
- Business
- Economic Times
RIL Share Price Live Updates: RIL's beta suggests lower volatility
30 May 2025 | 08:44:06 AM IST Stay up-to-date with the RIL Stock Liveblog, your trusted source for real-time updates and thorough analysis of a prominent stock. Explore the latest details on RIL, including: Last traded price 1417.8, Market capitalization: 1918619.83, Volume: 13771917, Price-to-earnings ratio 26.34, Earnings per share 53.84. Get a comprehensive understanding of RIL with our coverage of both fundamental and technical indicators. Stay informed about breaking news that can have a significant impact on RIL's performance. Our expert opinions and recommendations empower you to make well-informed investment choices. Trust the RIL Stock Liveblog to keep you informed and equipped in the dynamic market landscape. The data points are updated as on 08:44:06 AM IST, 30 May 2025 Show more
India.com
7 days ago
- Business
- India.com
Big move by Mukesh Ambani as Reliance is building 3 big factories in..., solar panels will be ready by...
Big move by Mukesh Ambani as Reliance is building 3 big factories in…, the plan is to... In a major move, one of the world's richest men, Mukesh Ambani's company Reliance Industries Limited (RIL) will start its solar photovoltaic modules factory this year. Parth P Maitra, President of Strategy and Initiatives at RIL, stated that the company is going to build three big factories. 'We are building three big factories… These factories will produce clean energy-related needs,' Maitra said. Notably, after falling behind in the year 2022, India is trying to meet its clean energy target, and Reliance could help the country achieve its target. Target To Increase Capacity To 20 GW Annually It is to be noted that, in recent years, India has increased its investments in clean energy, targeting 500 GW by 2030. But to achieve its target capacity additions will have to be doubled in the next five years, says a report by the Global Energy Monitor. Maitra has said that Reliance aims to increase the solar module capacity to 20 GW per year. He added that the company will start its battery and micro power electronics factory by 2026. No. 2 In Making Solar Panels Parth P Maitra said that if everything goes as per the plan, India will become No. 2 in the world in making solar photovoltaic modules (solar panels). 'We will produce about 14 percent of the total solar photovoltaic modules outside China,' Maitra said. Currently, shares of Reliance Industries are trading at Rs 1409.60 with a decline in BSE on Thursday. So far this year, the shares of the company have increased by more than 15 percent, giving good returns to the investors. In the last five years, the shares of Reliance Industries have seen a rise of more than 115 percent. The 52-week high level is Rs 1608.95. At the same time, the 52-week low level of the company's shares is Rs 1115.55.
