Today Aug 28th, the Nifty 50 tested its resistance level and is likely to consolidate between 24,950 and 25,100, registering a gain of 101 points or 0.42%, trading at 25,122 as of writing.
Nifty 50 Idex: TradingView
The BSE Sensex also has risen by over 300 points or 0.38%, reaching 82, 018. Both indices are approaching key resistance levels, with the Sensex nearing 82,120. The upcoming sessions will be crucial to determine whether a breakout or rejection will occur at these resistance points.
Source: NSEIndia
Among the top gainers, LTIM has demonstrated strong bullish momentum today, opening at Rs 5,775.00, reaching a high of Rs 6,198.90, and trading at Rs 6,175.00, up by 7.36% as of writing. LTIM has successfully filled a fair value gap and is now attempting to surpass its previous high of Rs 6,442. If this bullish trend continues, the next target for LTIM is around Rs 6,442. However, should bearish trends emerge, a correction towards the support level near Rs 5,800 might occur.
Wipro also showed a positive trend, gaining 3.64% today. It opened at Rs 520.00, hit a high of Rs 538.10 and is trading at Rs 535.95. The stock is currently filling a gap between 530 to 556 and the next target is set at the recent high of Rs 579. If the bullish momentum continues, Wipro could reach this target; however, if bears take over, the price may drop toward its ascending trendline support.
IndusInd Bank gained 2.58%, with an opening price of Rs 1,389.05 and a high of Rs 1,421.75 and traded at 1,418.90 as of writing. The stock remains within a bearish channel, with support near Rs 1,329.20 and resistance around Rs 1,500. The next target may be the Rs 1,500 resistance if the upward momentum sustains. However, a bearish correction could bring it back to the support level at 1,329.
Infosys has climbed 2.57% today so far, breaking past a key resistance level near Rs 1,930. It opened at Rs 1,906.90 reached a high of Rs 1,951.00 and is reading at Rs 1,948.85. The chart suggests a potential upward breakout, with a possible target of Rs 2,000 and beyond. If the upward momentum weakens, a retracement could be expected. However, we watch to see the activity that will take place here at the resistance level. Whether it will close above it or face rejection. A clear direction will be seen in the next few sessions.
Eicher Motors sees an increase of 2.07%. The stock shows bullish strength as it approaches its next resistance level near Rs 5,058.90. If Eicher Motors breaks through this resistance, the next target could be Rs 5,200 and above. A rejection might result in a price fall in the next couple of sessions.
Overall, these top gainers have demonstrated strong performance today, and the technicals suggest potential for further growth, depending on market conditions and sentiment in the coming sessions.
