The stock market witnessed mixed performances across major indices with the Nifty 50 closing flat at 24,347.00 down by 0.084% and the Sensex slightly below the 79,700 mark ending at 79,648.92 down by 0.072%. Despite the overall bearish performance of the indices, four stocks among several more stood out as the top gainers of the day showing promising technical setups that could indicate potential upside in the coming sessions.
Nifty 50 Index Chart: TradingView
ONGC: Bullish Momentum Continues
ONGC emerged as a strong performer today with its stock price closing at Rs 341.30 gaining 2.63% or 8 points. The bullish momentum in ONGC has been notable and the stock is forming a double top. It will be interesting to see whether it continues its upward trajectory or faces a pullback. If a pullback occurs, the ascending trendline will serve as a crucial support level likely preventing more decline.
Axis Bank: Unfilled Gap Has To Be Filled
Axis Bank also showed strength today after finding support at a horizontal support level and closing at Rs 1,164.30. The next target for Axis Bank is the unfilled gap above at Rs 1,200 to Rs 1,227. If the stock successfully fills this gap it could move further towards the resistance high of Rs 1,339. However, if the price breaks below the current support level the ascending trendline will provide the next support level which could determine whether the stock maintains its bullish stance or shifts to a corrective phase.
JSW Steel: Trades In a Rising Channel
JSW Steel continued its bullish trend closing at Rs 917.35. The stock is currently trading within a rising channel with the next target at the channel’s resistance level around Rs 965. Should the price retrace before reaching this target support is expected at around Rs 820 providing a potential entry point for traders looking to capitalize on the ongoing bullish momentum. The stock’s performance within the channel will be crucial in determining its short-term direction.
Divis Laboratories Ltd: Aiming for Recent High
Divis Laboratories Ltd also made it to the list of top gainers closing at Rs 4,891. The stock is currently in a bullish phase with the next target set at Rs 5,425 which is a recent high. The price action leading up to this target will be critical as a successful breach could signal further upside potential. Monitor this level closely to assess the stock’s strength and potential continuation of the bullish trend.
Apart from these 4 top gainers the broader market saw several other gamers.
Source: NSEIndia
The Nifty 50 and Sensex closed slightly lower, with both indices showing signs of potential bearishness after dropping below key support levels. The Nifty Bank index, however bucked the trend closing at 50,577.95, up by 0.19% or 93.45 points. On August 15th this week the stock market will remain closed for Independence Day.
Will the bearish momentum continue, or are we looking at a temporary correction before a bullish resurgence? The answer lies in the market’s response in the coming sessions.
