Market Extends Gains Amid Volatility

After a four-day losing streak on May 13, the benchmark indices ended a volatile session with moderate gains. Market breadth turned positive as about 1,734 shares witnessed buying interest against 1,215 declining shares on the NSE.

Key Technical Indicators and Trading Ideas

Hindustan Petroleum Corporation

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Hindustan Petroleum Corporation has managed to reclaim its 50 EMA on the daily chart after briefly slipping below it, indicating a recovery in near-term sentiment. The latest bounce was accompanied by higher volumes, suggesting stronger market participation at lower levels. Momentum indicators are also turning supportive, with the RSI entering a bullish crossover.

National Aluminium Company

NALCO has witnessed a rebound after taking support near its 50 EMA on the daily timeframe, reflecting underlying buying interest. On the hourly chart, the RSI has moved into a bullish crossover, indicating strengthening momentum.

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Tech Mahindra

Tech Mahindra has come under pressure after facing resistance near its 200 DMA, leading to a sharp decline over the last few sessions. Technical indicators continue to reflect weakness, with the RSI remaining in a bearish crossover and trending lower.

Hindalco Industries

On Wednesday, the Nifty Metal index gave a consolidation breakout. Hindalco Industries stock has given a bullish flag pattern breakout on the daily scale. This breakout is confirmed by relatively higher volumes. The Hindalco/Nifty ratio chart has registered a fresh breakout, highlighting strong relative strength versus the benchmark index.

Biocon

Biocon has turned technically strong after delivering a breakout from its downward-sloping trendline on both the daily and weekly charts. The breakout is backed by a sharp surge in volumes, indicating strong buying participation and improving market confidence.

KFin Technologies

KFin Technologies has turned technically weak after breaking decisively below the crucial support zone of Rs 866-856 on both the daily and weekly charts, signalling a deterioration in price structure. The stock’s inability to sustain above its 20-day EMA led to a sharp correction of nearly 11 percent over the last five sessions, highlighting persistent selling pressure at higher levels.

Hindustan Copper

Hindustan Copper has given a bullish continuation chart pattern resembling a cup-and-handle breakout on the daily chart, suggesting rising optimism around the stock. Besides, it has been trading in a higher high-low formation and sustaining above the 50 DMA, confirming an improving trend.

Sharda Cropchem

Sharda Cropchem has confirmed an ascending triangle breakout on the daily chart, a classic bullish continuation formation that signals continuation of the previous trend after trading in a range. The stock is currently trading above both its 20-day and 50-day EMA, reinforcing a positive price structure across the near to medium term.

Shreeji Shipping Global

Shreeji Shipping Global has broken out of a rounding bottom chart pattern after a correction from February 26 on the daily chart, which could indicate that the trend is about to shift from a lower high-low formation to a higher high-low formation.