The stock market closed on a positive note today with major indices showing substantial gains. The BSE Sensex surged by 819.69 points closing at 79,705.91 while the Nifty 50 gained 250.50 points to end at 24,367.50. The Nifty Bank also saw a significant uptick rising by 327.80 points to close at 50,484.50. This rally was primarily driven by the impressive performances of Eicher Motors Ltd and Mahindra & Mahindra Ltd which were among the top gainers of the day.
Nifty 50 Index: TradingView
Let’s delve into the technical analysis of these two top stocks and explore the other top performers in today’s trading session.
Eicher Motors Ltd. (EICHERMOT)
Eicher Motors Ltd led the market with a remarkable gain of 5.68% closing at Rs 4,837.00. The stock opened at Rs 4,805.65 and hit an intraday high of Rs 4,853.00, before settling slightly lower.
Technically the stock has been forming an ascending triangle pattern since October 2022, indicating a bullish breakout in April 2024. The recent upward momentum has brought the stock to a high of Rs 5058 resistance level, which remains our next possible target if the bullish momentum continues. If the stock breaks above this level, it could signal a continuation of the uptrend.
Eicher Motors Ltd: TradingView
The MACD indicator although currently in the negative zone shows signs of a bullish crossover as the MACD line approaches the signal line. The Relative Strength Index (RSI) stands at 51.95 also suggesting the stock has room for further gains without being overbought.
Mahindra & Mahindra Ltd. (M&M)
Mahindra & Mahindra Ltd. also posted strong gains closing at Rs2,764.90, up 3.05% from the previous close of Rs2,682.95. The stock opened at Rs2,734.00 and reached a high of Rs2,765.00 during the day.
M&M has been in a solid uptrend since early 2024, moving up above an ascending trendline. The stock recently rebounded from the lower trendline, establishing support around the Rs 2,453 mark. The next resistance is observed at Rs 3,013.50 where price is trading towards.Despite a bearish crossover in the MACD indicator, the RSI is at 47.86, approaching oversold conditions since the bears have had power recently. This suggests a potential reversal if buying pressure increases. Overall, the stock remains above key moving averages, maintaining a positive trend.
In addition to Eicher Motors and Mahindra & Mahindra, other top performers included Shriram Finance which rose by 2.88% to Rs2,955.00, Tata Motors which gained 2.81% to Rs1,071.00, and Tech Mahindra which increased by 2.63% to Rs1,505.00. These gains contributed to the overall bullish market sentiment, pushing the Nifty 50 and Sensex to new highs.
Source: NSEINdia
Today’s strong performance in the stock market was highlighted by notable gains in key stocks like Eicher Motors and Mahindra & Mahindra. Both stocks are showing promising technical setups, suggesting the potential for further upside in the near term.
