NTPC Up Nearly 1% in Intra-day Trades

Shares of NTPC Ltd today saw nearly 1% increase in value in intra-day session. The scrip reached an intra-day high of 171.70 in NSE and is currently trading at 170.90 with 0.83% increase in value. RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves is currently in range of 36 to 69 and signal line continued to move well inside neutral region with slight incline towards overbought region supportive of uptrend price momentum.

While Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day and daily charts, PSAR indicator has formed entry signal in weekly charts as well supportive of continued bullish price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day & daily charts supportive of continued uptrend price movement. Expected support and resistance values for the stock for trading sessions to come next week are at 167.19 & 171.82 respectively.

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TCS on Bull Run Ahead of Q4 Results Update

Shares of TCS Ltd today saw over 4% increase in value and this can be viewed as positive influence of market sentiment and spur gained from IT sectorial index growth. All major IT stocks saw slight bull run today. TCS reached intra-day high of 3150 and is currently trading in NSE at 3141.75 with 4.23% increase in value. The scrip has been on bull run for last 10 consecutive trading session and the stock price continues to grow ahead of Q4 results expected next week.

According to estimates from Edelweiss, the company is expected to see 3% QoQ increase in net profit and see 2% QoQ increase in net sales. And the general consensus in market looks positive towards TCS which supports possibility for stock price to see continued price growth ahead of Q4 results. RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves is currently in range of 57 to 87 and signal line continued to move well inside overbought region supportive of existing price momentum.

While the stock price continues to grow, sideways price movements are expected to be found on multiple session over expected profit booking activities. Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day, daily and weekly charts supportive of continued bullish price growth in near future trading session.

Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day, daily, weekly and monthly charts supportive of continued uptrend price movement. Expected support and resistance for the stock are at 2781.78 & 3249.39 respectively.

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Wipro on Bull Run As IT Stocks Gain on Rupee Weakness

Shares of Wipro Ltd today saw over 1% increase in value as IT stocks take on bull rally over Weak Indian Rupees. The scrip reached an intra-day high of 290.50 and is currently trading at 288.55 with 1% increase in value at NSE.  RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves is currently in range of 41 to 58 and signal line continued to move well inside neutral region supportive of  existing price momentum.

Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day and daily charts supportive of bullish price growth in near future trading session. Similarly  Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day charts supportive of uptrend price movement. Expected support and resistance for the stocks are at 278.55 & 291.08 respectively.

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Aarthi Industries Ltd Up 3% in Intra-Day Session

Shares of Aarthi Industries Ltd today saw over 3% increase in value. The scrip reached an intra-day high of 1224 and is currently trading at 1220.92 with 2.97% increase in value in NSE. RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves is currently in range of 52 to 78 crossing well inside overbought region supportive of bullish price momentum. Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day and daily charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day & daily charts supportive of continued bullish price movement. Expected support and resistance for the stock are at 1122.61 & 1235.75 respectively.

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HCL Tech Up 2% Over Kotak’s Estimate For Q4 HCL Sales To See 3.5% Growth

Shares of HCL Tech Ltd today saw over % increase in intra-day session. This uptrend spike can be viewed as influence caused by Kotak’s Q4 estimate for HCL Technologies. The brokerage house expects HCL Technologies to report net profit at Rs. 2,285.3 crore up 4.2% quarter-on-quarter and see net sales increase by 3.5 percent Q-o-Q (up 10 percent Y-o-Y) to Rs. 13,259.2 crore. RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves is currently in range of 50 to 63 as the signal line continues to move in upward direction towards overbought region supportive of existing momentum for upward price growth.

Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day and daily charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day & daily charts supportive of continued bullish price movement.

The scrip reached an intra-day high of 977.70 and is currently trading at 970.15 with 2.29% increase in value during intra-day trading session due to small levels of profit booking activity during later half of trading session. Expected support and resistance for the stock are at 943.22 & 989.13 respectively.

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ITC Up 1% in Intra-day Session

Shares of ITC Ltd today saw over 1% increase in value during intra-day session. The scrip reached an intra-day high of 266.05 and is currently trading at 265.50 with 1.78% increase in value. RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves is currently in range of 46 to 77 well above oversold region and the signal line continues to move inside overbought region across intra-day and daily time frames with no sign of slow down in momentum supportive of continued uptrend price movement in near future trading session.

Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day and daily charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day & daily charts supportive of continued bullish price movement. Expected support and resistance values for the stock are at 252.76 & 266.94 respectively.

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Titan Up 2% Over Q4 Update

Shares of Titan Ltd has seen over 2% increase in value during today’s trading session and has been on bull trend for last three trading sessions. The scrip is currently trading at 965.80 with 2.71% increase in value after reaching intra-day high of 971.80. RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves is currently in range of 45 to 79 well above overbought region and the signal line continues to move inside oversold region across intra-day, daily, weekly and monthly time frames with no sign of slow down in momentum supportive of continued uptrend stock price movement.

Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day, daily and weekly charts supportive of continued uptrend price growth in near future trading session.  Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day, daily and weekly charts supportive of continued bullish price movement in near future trading session. Expected support and resistance for the stock are at 891.46 & 978.68 respectively.

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Sun Pharma on Bull Run Post Receiving USFDA Approval for Methadone HCL

Stocks of Sun Pharmaceuticals Ltd today saw over 1% increase in value and has been trading uptrend for last six consecutive trading sessions. One of the major reasons for this bull run is approval from USFDA for drug Methadone HCL which is expected to bring millions of dollars in revenue to the company. RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves is currently in range of 36 to 58 and the signal line continues to move towards oversold region supportive of uptrend stock price movement.

Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day, daily and weekly charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has formed uptrend indication across all intra-day charts supportive of continued bullish price movement in near future trading session. Expected support and resistance for the stock are at 492.24 & 521.14 respectively.

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BPCL on Bull Run Third Consecutive Trading Session

Shares of BPCL today saw nearly 2% increase in value today and has been on bull run for three consecutive trading sessions. The scrip in NSE reached an intra-day high of 432.40 and is currently trading at 430.90 with 2% increase in value. RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves is currently in range of 35 to 67 and the signal line continues to move towards oversold region supportive of uptrend stock price movement.

Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day, daily and weekly charts supportive of continued uptrend price growth in near future trading session.Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has formed uptrend indication across charts in all time frame supportive of continued bullish price movement in near future trading session. Expected support and resistance values for the stock are at 402.50 & 442.70 respectively.

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SBI on Bull Run As RBI Relaxed Provisioning Norms

Shares of SBIN today saw over 4% increase in value as RBI temporarily relaxed provisioning norms for lenders. The scrip reached an intra-day high of 261.90 and closed for the day at 259.30 with 4.85% increase in value. RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves has gone well above oversold region in intra-day charts while daily, weekly and monthly charts see the signal line continue to move in upward direction in range of 47 to 51 supporting possibility for bullish price movement in near future trading sessions.

Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day and daily charts supportive of uptrend price movement in near future trading sessions.  Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has formed uptrend indication which strongly supports positive market sentiment and continuation of further bull trend movement in price. Expected support and resistance for the stock are at 244.72 & 262.51 respectively.

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Ador Welding Up 2% in Intra-day Session

Shares of Ador Welding Ltd today saw over 2% increase in morning session spurred on uptrend momentum by overall bullish market sentiment for the day. The scrip reached an intra-day high of 401.90 and is currently trading at 399 with 2.50% increase in value.  RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves is currently in range of 44 to 55 across intra-day and daily charts and signal line continues to move well inside neutral region supportive of uptrend price momentum during immediate and near future trading sessions.

Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in min and one hour intra-day charts supportive of continued uptrend price growth during today’s trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has formed uptrend indication supportive of continued bullish price movement in near future trading session. Expected support and resistance values for the stock are at 384.80 & 414.17 respectively.

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Reliance Power On Bull Momentum For Three Consecutive Trading Sessions

Shares of Reliance Power Ltd has been trading uptrend for last three consecutive trading session post announcement from company over plans to raise upto INR 1000 crores via issue of non convertible debentures. The share today saw over 11% increase in value in NSE reaching intra-day high of 43.90 and closed for the day at 42.45. e. Bill William’s Alligator indicator which is used to identify formation of a new trend has formed awakening pattern across intra-day charts while daily & weekly charts maintain bearish indications which suggests possibility of range bound stock price movement.

However Similarly Parabolic SAR indicator which is used to identify good points for entry and exit in ongoing trend has formed uptrend indications across min intra-day, hourly & daily charts while weekly charts see bearish indications which suggests possibility for continued price growth in near future trading sessions. RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves has crossed over well inside oversold region of upto 81, while daily, weekly and monthly charts see the signal line continue to head in upward direction in range of 44 to 57 also supportive of possibility for continued price growth in near future trading sessions. Expected support and resistance values for the stock are at 35.77 & 46.73 respectively.

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Hindustan Unilever Manages To Trade Uptrend Despite Bear’s Grip On Market

Shares Of Hindustan Unilever Ltd has managed to stay bullish across today’s trading session despite bear’s grip on market during afternoon half of trading session. The scrip closed for the day at 1357.45 with 0.67% increase in value after reaching an intra-day high of 1360. Bill Williams Alligator indicator which is used to predict formation of a new trend & Parabolic SAR indicator which is used to predict good point for entry and exit in ongoing trend have both formed uptrend indication across intra-day and daily charts supportive of bullish price movement.

RSI indicator which  is used to measure the momentum of a stock based on speed of change in stock price regardless of direction in which the price moves is currently in a range of 50 to 69 and the signal line continues to move in neutral zone with slight downward incline supporting possibility for continued upward price growth albeit some range bound price movement in near future trading sessions. Expected support and resistance values are at 1280.63 & 1364.15 respectively.

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DLF Among Most Traded Stock in Morning Session With Over 1% Increase in Value

Shares of DLF Ltd continued to be among most traded stock for second consecutive trading session with over 1% increase in value. The stock reached intra-day high of 208.10 and is currently trading at 205.80 with 1.23% increase in value. Bill William’s Alligator indicator which is used to predict formation of a new trend has formed awakening pattern in min and hourly intra day charts while daily, weekly and monthly chart are maintaining bearish indications which suggests possibility of formation of a new bull trend price movement.

Similarly Parabolic SAR indicator which is used to predict good points of entry and exit in ongoing trend have also formed uptrend indication across intra-day charts which supports possibility of a bullish price movement to continue in near future trading sessions. RSI indicator which is used to measure the momentum of a stock based on speed of change in stock price regardless of direction in which the price moves is currently in a range of 38 to 58 and the signal line continues to move well inside neutral region in an upward incline across hourly, daily and weekly charts which also support upward momentum in price movement. Expected support and resistance are at 197.58 & 211.49 respectively.

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Hindustan Petroleum Technical Analysis 03.04.2018

Shares of Hindustan Petroleum Ltd today saw over 3% increase in stock price in intra-day session reaching as high as 357 and is currently trading at 354.35 with 2.86% increase in value un NSE. Bill William’s Alligator indicator which is used to identify formation of a new trend has formed awakening pattern across intra-day charts supportive of bullish price movement while daily & weekly charts maintain bearish indications which suggests possibility of range bound stock price movement.

Similarly Parabolic SAR indicator which is used to identify good points for entry and exit in ongoing trend has formed uptrend indications across intra-day charts while daily and weekly charts see bearish indications supportive of possibility for range bound price movement in near future trading sessions. RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves is currently in range of 37 to 68 and the signal line continues to move well inside neutral zone across all time frame which suggests no possibility for any major change in price movement in near future trading sessions. Expected support and resistance for the stock are at 322.71 & 368.15 respectively.

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M&M Shares Up 2% in Intra-day as Automotive Sales Crossed Half Million Mark for the Financial Year

Shares of Mahindra & Mahindra Ltd today saw over 2% increase in intra-day session as the automotive sector of the company saw overall sales grow by 8% as total units sold for the financial year crosses half a million mark for the first time in five years. The stock price reached an intra-day high of 769 and is currently trading at 768.25 with 2.70% increase in value. Bill Williams Alligator indicator which is used to identify formation of a new trend and Parabolic SAR indicator which is used to identify good points of entry and exit in ongoing trend have both formed uptrend indication across intra-day and daily charts supporting formation of a new bullish price trend.

RSI indicator which is used to predict the momentum of stock based on speed of change in price of scrip regardless of direction in which the price moves is currently in a range of 57 to 78 and the signal line continues to move in upward direction across charts of all time frame despite signal line moving well into oversold region in intra-day charts. Expected support and resistance for the stock are at 722.57 & 770.06 respectively.

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Tata Motors Up 2% Over Announcement of 35% Increase in Overall Sales For March 2018

Shares of Tata Motors Ltd today saw over 2% increase in value in intra-day session post announcement made by company regarding 35% increase in overall sales for the month of March 2018 with sale of 69,440 units. The scrip is currently trading at 336 per share with 2.80% increase in value after touching an intra-day high of 338.20. Bill Williams Alligator indicator which is used to identify formation of a new trend and Parabolic SAR indicator which is used to identify good points of entry and exit in ongoing trend have both formed uptrend indication across intra-day charts supporting possibilities for uptrend price movement in near future trading sessions.

RSI indicator which is used to predict the momentum of stock based on speed of change in price of scrip regardless of direction in which the price moves is currently in a range of 29 to 57 and the signal line continues to move in upward direction but well inside neutral zone supportive of stability in current price movement. While there is no immediate signs of bearish price movement we can expect the stock price to continue in a range bound momentum with price seeing slow upward climb in trading sessions to come this week. Expected support and resistance price for the stock are at 330.08 & 342.27 respectively.

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Cipla Up 5% in Intra-day Session as Pharma Index Takes Bullish Stance

Shares of Cipla Ltd today saw over 5% increase in value in intra-day session as Pharma sector index opens bullish today morning. All major pharma stocks took to uptrend price movement with Cipla being the highest gainer. The scrip is currently trading at 575.20 with 5.45% increase in value after touching an intra-day high at 576.65 in NSE during today morning session. Bill Williams Alligator indicator which is used to identify formation of a new trend and Parabolic SAR indicator which is used to identify good points of entry and exit in ongoing trend have both formed uptrend indication across intra-day and daily charts supporting formation of a new bullish price trend.

RSI indicator which is used to predict the momentum of stock based on speed of change in price of scrip regardless of direction in which the price moves is currently in a range of 45 to 81 in intra-day and daily charts while weekly and monthly charts see the indicator in range of 35 to 47 respectively. While the signal line has moved into oversold region in intra-day charts, the signal line in daily, weekly and monthly chart continues to move uptrend as well supportive of an bullish momentum and upward price growth in near future trading sessions. Expected support and resistance for the stock are at 532.65  & 585  respectively.

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Indian Hotels Company Up Nearly 3% in Intra-day Session

Shares of Indian Hotels Company which was on bearish run post a brief upward drive due to Tata Sons block purchase is now back on bull momentum. The share today saw over 3% increase in value during intra-day trading session hitting intra-day high at 129.90 in NSE and is currently trading at 129.35 with 3.03% increase in value. Bill William’s Alligator indicator which is used to identify formation of a new trend has formed awakening pattern across intra-day charts while daily & weekly charts maintain bearish indications which suggests possibility of range bound stock price movement.

Similarly Parabolic SAR indicator which is used to identify good points for entry and exit in ongoing trend has formed uptrend indications across min intra-day charts while hourly, daily and weekly charts see bearish indications supportive of possibility for range bound price movement in near future trading sessions. RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves is currently in range of 46 to 64 with signal line heading towards oversold region across all time frames supportive of upward price growth in near future trading session albeit the momentum taking range bound course. Expected support and resistance values for the stock are at 124.97 & 134.43 respectively.

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Hindalco Up 2% in Intra-day Session

Shares of Hindalco Ltd today saw over 2% increase in value during morning trading session. The scrip reached an intra-day high of 216.90 and is currently trading at 216.85 with 2.99% increase in value. Bill william’s Alligator indicator which is used to identify the formation of a new trend has formed awakening pattern across min and one hour intra-day charts while 4 hour, daily and weekly charts have maintained downtrend indication which suggests possibility of a slow upward price movement .

Parabolic SAR indicator which is used to identify good points of entry and exit in ongoing trend has formed uptrend indications across min, hourly and daily charts which strongly supportive of possibility of continued price across in near future trading sessions as well. The signals from both indicators suggests a new uptrend momentum is forming in current price movement.

RSI indicator which is used to identify momentum of stock based on speed of change in price of stock regardless of direction in which the price moves is currently in a range of 39 to 72 with min intra-day charts seeing signal line between 54 to 72 while hourly , daily and weekly charts see the signal line move in upward direction from 39 to 51 as the line continues to head towards oversold region supportive of stable uptrend price growth in near future trading sessions. Expected support and resistance values for the stock are at 202.40 & 227.89 respectively.

Image : 30 min intra-day data from MCharts MT4 Platform

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ICICI Bank Technical Analysis: 26th March

The stock has been in a downtrend movement since it hit the 52 weeks high level of Rs 364. Now, the stock has retraced by up to 50 percent in the Fibonacci scale. The long-term general uptrend line is providing a strong support to the stock and has also bounced after testing that support line. The stock from here is likely to move higher and first resistance is at Rs 295, if we cross that level, then it can go above reaching towards its next resistance at Rs 320.

The Stochastic and MACD is also preparing to move higher from the lower level (oversold positions) indicating a reversal in trend. The stock is well positioned for its next set of the rally. If it fails to move higher and breaks below the support of uptrend line, it will be a negative development and stock might reach towards the Rs 250 level.

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Arvind Ltd Up 1% Over Update of Joint Venture With Adient

Shares of Arvind Ltd today saw over 1.4% increase in intra-day session post update of joint venture with Adient ltd to manufacture automotive fabrics. The share reached an intra-day high of 386 and is currently trading at 383.90 with 1.55% increase in value in NSE. Bill William’s Alligator indicator which is used to identify formation of a new trend has formed awakening pattern in minute intra-day charts while maintaining parallel movement in hourly, daily and weekly charts which can be viewed as slow down in upward momentum caused by the update.

Similarly Parabolic SAR indicator which is used to predict good points of entry and exit in ongoing trend has also formed uptrend indication in min charts while maintaining downward indication across hourly, daily and weekly charts which supports possibility of range bound price movement in trading sessions to come this week. RSI indicator which is used to predict momentum of stock based on speed of change in share price regardless of direction of price movement is in range of 41 to 57 and signal line continues to move towards oversold region supporting possibility for upward price growth to continue in near future trading session albeit chance for slight range bound price movement. Expected support and resistance for the week are at 371.10 & 411.90 respectively.

Image : 30 min intra-day data from MCharts MT4 Platform

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Maruti Suzuki Stocks Up in Intra-day Session Post Announcement of Company’s Agreement with Western Railways

Shares of Maruti Suzuki India Limited today rose over 1% in intra-day session as the company made an announcement last Saturday about an agreement with western railways for transportation of cars and spares between its manufacturing units. And it also announced that as part the agreement, first such train (rake) loaded with 125 Maruti-Suzuki cars in 25 NMG coaches left the Maruti plant in Detroj to Nidvanda in Bengaluru Division of South-Western Railway.

This agreement is expected to benefit the carmaker’s new manufacturing facility near Becharji station in Patan district which produces around 250,000 vehicles per annum which had plans to increase the production capacity in future.This agreement is expected to facilitate possibility for increase in production and fast deployment/delivery of goods in market in near future and this announcement comes shortly after the company beats utility vehicles manufacturer Mahindra & Mahindra by capturing 28.6% market share while later has only 25.2% market share which at one point in the last decade held over 55% market share as per data from a survey conducted by Society of Indian Automobile Manufacturers.

MSIL is breaking record with its sale of the latest edition of Swift close to earning the tag of the Indian car that logged 100,000 bookings in the shortest time — just a little over two months — trumping compact sedan stablemate ‘Dzire’, which had touched the milestone in 12-14 weeks. With the company’s product gaining popularity in market and rising demand for its utility  and passenger vehicle in both budget and premium segments and the company’s current agreement with western railways we can expect good and positive numbers in quarterly statements to come.

 

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Adani Ports Up 2% On Update of SC Relief For Hazira Expansion

Shares of Adani Ports & Special Economics Zone Ltd today rose by over 2% on news of approval from Gujarat govt for Hazira Expansion plans. Bill William’s Alligator indicator which is used to predict formation of new trend and Parabolic SAR indicator which is used to predict good points of entry and exit in ongoing trend have both formed uptrend indication across intra-day charts supportive of price growth possibilities in near future trading sessions. However daily, weekly charts maintain bearish indications which supports possibility for range bound price movement during Monday’s trading session.

RSI indicator which is used to calculate momentum of stock based on speed of change in stock price regardless of direction in which the price moves is currently in range of 32 to 66 with signal line having moved into and out of oversold region within single intra-day session and continues to move in upper neutral zone very near to oversold region also supportive of range bound performance. Expected support and resistance for the stocks are at 350.36 & 373.70 respectively.

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Reliance Industries Up 1% As RCOM Gets Approval For Sale of Property To JIO Telecom

Shares of RIL today saw over 1% increase in value during intra-day session as RCOM announced approval from bond holders for sale of property to Reliance JIO, the telecom wing of RIL. The scrip reached an intra-day high of 911.95 and closed for the day at 908.90 with 1.34% increase in value.  Bill William’s Alligator indicator which is used to predict formation of new trend and Parabolic SAR indicator which is used to predict good points of entry and exit in ongoing trend have both formed uptrend indication across intra-day charts for last two days supportive of continued uptrend price growth in near future trading sessions. RSI indicator which is used to calculate momentum of stock based on speed of change in stock price regardless of direction in which the price moves is currently in range of 41 to 60 and signal line continues to move towards oversold region supportive of uptrend price movement in near future trading sessions. Expected support and resistance values are at 885.51 & 959.74 respectively.

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