Kalyan Jewellers India additionally got here again robust after latest consolidation, rising practically 10 % to Rs 119.5, and fashioned robust bullish candlestick sample on the each day charts with sturdy volumes.

Late-hour shopping for on Friday helped the market rebound and shut with greater than six-tenth of a % positive aspects on March 17, pushed by a rally in banking and monetary companies, expertise, and steel shares.

Technically, the Nifty50 regained the psychological 17,000 mark on Friday after hitting greater than five-month low of 16,850 on Thursday, which may act as an important help, whereas the essential resistance can be 200-DMA (days transferring common 17,450).

The index jumped greater than 110 factors to 17,100, and the BSE Sensex gained over 350 factors to 57,990, whereas the broader markets additionally traded larger with the Nifty Midcap 100 and Smallcap 100 indices rising third of a % and seven-tenth of a %, respectively.

Stocks that had been in motion on March 17 included KPIT Technologies which jumped 6.6 % to Rs 869 and fashioned an extended, bullish candlestick sample on the each day charts, with robust volumes. The inventory has damaged falling resistance trendline adjoining the earlier swing highs and traded above all key transferring averages (9, 21, 50, 100 and 200-day EMA – exponential transferring common).

JBM Auto rallied 9 % to Rs 627 and recouped all its earlier three-day losses, forming sturdy bullish candlestick sample on the each day charts with above common volumes, whereas Kalyan Jewellers India additionally got here again robust after latest consolidation, rising practically 10 % to Rs 119.5, and fashioned robust bullish candlestick sample on the each day charts with sturdy volumes.

Here’s what Foram Chheda of ChartAnalytics.co.in recommends buyers ought to do with these shares when the market resumes buying and selling at present:

KPIT Technologies

From October 2022 till January, the inventory remained in a broad buying and selling vary underneath sideways consolidation. It continued taking help at 50-DMA (days transferring common) a number of instances whereas staying effectively above the 200-DMA.

KPIT broke out of this buying and selling vary in January to check the excessive close to Rs 875 ranges. The corrective decline noticed the inventory discovering help on the earlier breakout level.

Currently, the inventory is retesting the earlier excessive, any breakout can see the inventory inching larger by 4 % from current ranges. An in depth above the resistance stage of Rs 875 may be thought of a brand new shopping for alternative whereas conserving an in depth beneath Rs 840 as a stop-loss stage.

JBM Auto

Analysis of the weekly chart reveals that JBM Auto marked a excessive of Rs 674 in January 2022; the retracement that adopted noticed the inventory discovering help thrice within the Rs 362-368 zone.

The uptrend that adopted noticed the value crossing above the 50-, 100-, and 200-day MA (transferring common) on each day charts. All intermittent retracements on this transfer discovered help at 50-DMA.

After marking of a present excessive, the inventory worth retested the earlier resistance stage which now acts as a help stage and presents a horny entry alternative close to Rs 595-600 ranges with a goal of Rs 690 and stop-loss of Rs 550.

Kalyan Jewellers India

Kalyan Jewellers fashioned a high close to Rs 134 in December 2022; after that, the inventory slipped in a corrective decline and has remained in a ranged consolidation. Recently the inventory worth has rebounded and has crossed above the 50-day MA once more indicating the first uptrend staying intact.

The RS (relative energy) line has additionally damaged out on the upside; it has crossed above the 50-period MA. OBV (on-balance quantity) has marked a brand new excessive.

An in depth above Rs 122 can set off a recent shopping for alternative with a possible goal of 6.5 % or one can maintain the inventory and any worth transfer beneath Rs 112 may be thought of to maneuver out of the inventory.

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