The benchmark indices rebounded sharply after a seven-day decline, with the Nifty 50 rising 0.64 percent on August 20 amid positive market breadth. According to reports from Moneycontrol, about 1,842 shares advanced compared with 1,228 declining shares on the NSE. The market may extend its gains and move towards its short-term moving averages, although range-bound trading could continue. As per Angel One, the upward journey is expected to continue with the market focusing on surpassing its short-term moving averages amid the possibility of range-bound trading. ICICI Securities' Dharmesh Shah notes that Nifty started the week on a subdued note but supportive efforts from the rising trend line helped recoup losses, resulting in a hammer-like candle formation. The index has once again defended its four-month rising trend line at 24,000 despite geopolitical uncertainty, with 24,000-23,800 remaining the primary line of defense.
KFin Technologies is triggering a multi-brick breakout on its daily 1% Renko chart following a prior swing breakout above the ₹930–920 range. As reported by Angel One, buying is recommended around ₹980–976 with targets of ₹1,090 and ₹1,100 and a stop-loss at ₹921. DLF is displaying strength after establishing a Renko support pattern near its 40-brick EMA, with buying recommended around ₹680–675 targeting ₹740 and ₹745 with a stop-loss at ₹635. Affle 3i has triggered a Bullish W-Pattern Breakout following a Bullish Strike-Back pattern, with buying suggested around ₹1,710–1,700 targeting ₹1,990 and ₹2,000. Asahi India Glass is recommended for buying in the range of ₹930-₹960 for the target of ₹1,075 and maintaining a stoploss of ₹888, as per ICICI Securities.
Sai Life Sciences has been sustaining a strong uptrend on the daily chart, trading above its rising 20-day SMA, currently placed near ₹1,400. As reported by Samco Securities, the stock bounced back sharply on Thursday with the open and low virtually coinciding at ₹1,436, indicating strong intraday momentum. The 3.47 percent gain on Thursday keeps the higher-high formation intact, while the RSI is placed near 67 and has turned upwards after a minor dip during the pullback. The MACD continues to hold firmly in positive territory, with both lines sustaining well above the zero line, reflecting strong underlying momentum.
Action Construction Equipment has confirmed a decisive breakout from a rounded-bottom formation at ₹1,155 on a closing basis, accompanied by rising volumes, indicating increased participation. According to Axis Securities, the stock is well placed above its 20-, 50-, 100- and 200-day simple moving averages with the daily, weekly and monthly RSI in favourable territory. IIFL Finance registered an all-time high of ₹687, with buying recommended around ₹679.80 targeting ₹707 and ₹730 with a stop-loss at ₹660.
MCX India is indicating strong upward momentum after taking firm support near its multi-month ascending trend line, with the RSI (14) advancing to 67.12 reflecting persistent bullish strength. DCB Bank has been consolidating for nine months in an ascending triangle pattern, with the pattern target projected at ₹235 and potential to rise towards ₹269. ICICI Bank found buying interest at the lower end of a reverse channel, closing above the previous three-day high of ₹1,416, with targets of ₹1,460 and ₹1,480 and a stop-loss at ₹1,390. Swiggy is forming higher highs and higher lows on the weekly chart, with buying recommended around ₹282.5 targeting ₹299.
