Sudeep Shah of SBI Securities The bank Nifty before Diwali is seen in a good position to touch the 60,000 mile stone of 60,000. The recent breakout from the Stage-2 cup pattern appearing on the Daily Chart is a classic continuous formation that usually indicates the onset of a strong upward leg.
He believes that technically, the bank Nifty remains above all its important short and long moving average. Apart from this, Momentum Indicator RSI and MACD are also indicating boom on the Daily and Weekly Chart.
Talking on his favorite shares, Sudeep said that he Affle, Abbott India, Interglobe Aviation and MCX India (MCX India) There is a possibility of good boom in further. He said that all these four shares are currently trading on or around their all-time high, which is a clear indication of strength and underlying demand in them. “
Talking on the bank Nifty, Sudeep said that before Diwali, the bank Nifty is ready to touch a milestone of 60,000. In the last two trading sessions, the index has created a new alltime high. Bank Nifty is performing better than the Nifty 50 index, which is still trading below 2.5 per cent from its record levels. This comparative strength strengthens the leadership of the banking sector at the existing market rally.
Apart from this, the recent breakout from the Stage-2 cup pattern appearing on the Daily Chart is a classic continuous formation that usually indicates the onset of a strong upward leg. He further said that technically, the bank Nifty remains above all its important shorts and long moving averages. Apart from this, Momentum Indicator RSI and MACD are also indicating boom on the Daily and Weekly Chart. These signs of boom in different time frames indicate strong trends and increasing interest in shopping. Given these technical indicators, it is expected that the bank Nifty will continue to rise and reach 60,000 points in the coming months.
Talking on his favorite shares, Sudeep said that he keeps a boom on Affal, Abbott India, IndiGo and MCX India. From the technical perspective, all these four stocks are trading in their respective alltime high or close, which is a clear indication of strength and underlying demand in them. Apart from this, their price structure is looking strong in charts and stocks are standing above their important short term and long -term moving averages.
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Momentums like their RSI and MACD are also firmly in the positive zone. This makes the possibility of faster further strengthened. Further, we can see further boom in these shares. Till there is a sudden change in the spirit of the broad market, there will be a boom in them.
Sudeep said that he keeps a boom attitude on Euphal, Abbott India, IndiGo and MCX India. From the technical perspective, all these four stocks are trading their own all-time high or closer to it.
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