US Federal Reserve, the Bank of England and the European Central Bank, left rates unchanged this month, fuelling hopes that interest rates have peaked. The 30-share BSE Sensex closed 282.88 points, or 0.44%, higher at 64,363.78, while the broader NSE Nifty 50 gained 97.35 points, 0.51%, to settle at 19,230.60, on Friday. Gains in broader markets also supported the rally.
The Nifty Midcap 100 index rose 0.70%, while the Nifty Smallcap 100 index surged 1.21%. Read here: Nifty 50, Sensex rise for second consecutive session; investors' wealth rise by about ₹2 lakh crore Sumeet Bagadia, Executive Director at Choice Broking is bullish on three stocks for the next week. These three stocks are ICICI Bank, Tech Mahindra and Oil & Natural Gas Corporation (ONGC).
Based on the technical analysis, Bagadia believes these three stocks have the potential for further upside. Here are key recommendations by Sumeet Bagadia: ICICI Bank’s technical analysis presents a promising picture for traders and investors. The stock has exhibited several positive signs.
ICICI Bank shares have managed to surpass the initial resistance at ₹925 levels, which is also the 200-day Exponential Moving Average (EMA). This is a significant achievement as breaking through this resistance suggests a strong bullish sentiment. ICICI Bank share price is currently trading around ₹933.80 levels, indicating a breakout above the mentioned resistance level.
It is also trading above the 20 and 200-day EMAs, reinforcing the notion of strength and an established uptrend. There is a smaller resistance level at ₹945, which coincides with the 50-day EMA. If the stock manages to breach this level, it could potentially advance towards a target of ₹975 and beyond.
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