The indian stock market saw a mixed performance today as the BSE Sensex managed to close above 79,100 gaining 0.19% or 149.85 points to settle at Rs 79,105.88. Meanwhile the Nifty 50 index ended the day almost flat closing at Rs 24,143.75 with a marginal increase of 0.020% or 4.75 points. The Nifty Bank index dipped slightly closing at Rs 49,727.30 down by 0.21% or 104.55 points.
Technically, after the Nifty 50 dropped and closed below its last higher low at Rs 24,074, the market trajectory turned bearish. A similar pattern was observed in the Sensex where the price dropped below Rs 77,923 indicating a potential shift in market sentiment.
Nifty 50 Index: TradingView
Traders and analysts are now closely watching the behavior of these indices over the next few days to determine the overall market direction. A gap lies above these levels and it might be filled before any further bearish movement continues. The critical question remains: Are we in for more downtrends or was this a temporary correction due to Aug 5th crash before the bullish momentum resumes?
The NSE India stock market will remain closed on Thursday, August 15, 2024, in observance of Independence Day. As markets take a breather, investors will be keen to see how stocks perform after the holiday.
Here ate the top 5 stock gainers today, their technical analysis and targets. Tata Consultancy Services closed at Rs 4,295.25 today with a bullish outlook. The next target for TCS is Rs 4,431, a previous high. If the stock pulls back before reaching this target, a support level lies at a fair value gap below providing a potential buying opportunity.
HCL Technologies also exhibited bullish momentum closing at Rs 1,626.15. The next target is Rs 1,697, a recent high. The bullish momentum was supported by a rejection at a double support level of an ascending trendline and horizontal support around Rs 1,300 indicating strong bullish strength.
Tech Mahindra closed at Rs 1,524.40 maintaining its bullish mometum. The stock is trading towards its next target at Rs 1,569 which aligns with the recent high, horizontal resistance level and an ascending channel resistance. The key to watch here is whether Tech Mahindra can break through this strong resistance. If it does the bullish momentum is expected to continue. However, if it faces rejection the stock might drop to the ascending trendline support around Rs 1,430.
Infosys is trading towards its next target of Rs 1,903 with today’s close showing a bullish trend. The Rs 1,903 level is significant as it confluences with the ascending trendline resistance. Monitor whether Infosys can break out above this level or face rejection. A breakout could propel the stock further while a rejection might lead to a drop to the Rs 1,730 support level.
Mahindra & Mahindra is trading towards its recent high of Rs 3,013 with a bullish outlook. However, if bearish momentum kicks in before reaching this target, the stock could drop to a double confluence of the ascending trendline and a support low of around Rs 2,500.
As we approach the Independence Day holiday on August 15, we will see the NSE India stock market closed providing a brief pause in trading activities. Post-holiday, the market’s reaction to today’s technical patterns will be crucial in determining the next move. With these top stocks, the focus will be on whether they can continue their upward trajectory or face pullbacks.
