The Indian stock market is expected to remain volatile this week, reacting to news flows about US-Iran talks, crude oil price movement, and macroeconomic indicators. According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, the benchmark Nifty 50, which ended at 24,176 on Friday, 8 May, has been in the green for the last two consecutive weeks amid signs of easing geopolitical tensions. As reported by Anand Rathi, the Nifty has confirmed a breakout above the 24,300 zone and briefly crossed the important 24,400 hurdle, with the current setup resembling a symmetrical triangle breakout that continues to support a positive market outlook. Going forward, a sustained move above 24,400 could further strengthen bullish momentum and open the gates towards 24,600 and 24,800 levels, while on the downside, a breach below 23,900 may weaken the breakout structure and result in renewed consolidation towards the 23,700 zone.
CDSL has corrected and retraced to the 61.8% level of its recent rally, indicating a healthy pullback within a bullish structure. According to Patel's analysis, the internal retracement (61.8%), external retracement (2.618%), and APP (1.27) have created a strong confluence zone, leading to price consolidation. The stock is recommended for buying in the ₹1,260 to ₹1,230 zone with a target price of ₹1,380 and stop loss at ₹1,155. RSI and MACD are showing early signs of reversal from key support levels, suggesting potential upside momentum. Considering the favourable risk-reward setup and improving technical structure, traders may consider accumulating the stock in the ₹426– ₹420 range with a strict stop loss at ₹398.
Patanjali Foods has recently completed its equal-length correction of nearly 132 points, coinciding with the important 78.6% Fibonacci retracement level, indicating strong support near current levels. As highlighted by Patel, following the recent decline, the stock is showing signs of stabilisation while technical indicators are gradually turning in favor of the bulls, suggesting improving momentum and potential upside recovery. The stock is recommended for buying in the ₹465 to ₹455 zone with a strict stop loss at ₹435 and target of ₹510. The overall price structure indicates a possibility of a fresh upward move if the stock sustains above its support zone, with the stock having the potential to move towards the ₹510 target in the near term.
Kalyan Jewellers India has developed a bullish AB=CD harmonic pattern and formed a strong base near ₹400, indicating accumulation at lower levels. According to Patel's analysis, the stock has shown signs of stability after a corrective phase, while technical indicators such as RSI and MACD are gradually turning positive, suggesting improving momentum and renewed buying interest. The price structure indicates the possibility of a fresh upward move if the stock sustains above the immediate support zone. The stock is recommended for accumulation in the ₹426 to ₹420 range with a strict stop loss at ₹398 and upside potential towards ₹470.
