The Nifty ended with gains on Friday, extending its gains for the second straight week and closing above the 24,300 mark. According to The Economic Times, the index was led by strong buying action in consumer and metal stocks. Nilesh Jain, Vice President, Head of Technical and Derivative research at Centrum Finverse, noted that the immediate hurdle is seen at the 50-DMA, placed around 24,410, and a decisive breakout above this level could pave the way for an upside move towards 24,700. The overall structure remains positive, favouring a buy-on-dips approach, with the support base now shifting higher to around 24,000.
Shipping Corporation of India has witnessed a strong breakout from an ascending triangle pattern, supported by a sharp surge in volumes, indicating institutional participation. As reported by The Economic Times, the stock is recommended at ₹305-309 with an upside potential of 29% and a stop loss at ₹270. The breakout above ₹300 marks a bullish shift, with immediate resistance near ₹345. Key support is placed at ₹270, and the stock is likely to head towards ₹340–₹360 in the short term, maintaining a positive bias.
Power Grid Corporation has broken out of a consolidation range near ₹305–₹310, supported by a steady rise in volumes, which indicates accumulation. According to The Economic Times, the stock is recommended at ₹318-320 with an upside potential of 9% and a stop loss at ₹295. The breakout signals a positive bias, with immediate resistance seen near ₹330–₹340, while key support is placed at ₹295. The stock is likely to move towards ₹335–₹350 in the short term.
Momentum indicators and oscillators continue to reflect strength, as the RSI sustains above the 55 level, as reported by The Economic Times. The volatility index has continued to soften, hovering near the 17 mark. Any further decline in volatility is likely to lend additional support to the ongoing bullish sentiment. Technical analysts emphasize that the current market structure supports a buy-on-dips strategy, with improving momentum indicators across both recommended stocks.
