MTAR Technologies and three other NSE-listed firms with market caps above Rs 10,000 crore touched their 5-year swing highs on April 30, reflecting bullish momentum. MTAR Technologies and Hitachi Energy India are now nearing key resistance levels, with technical indicators hinting at further upside. However, the report notes not every move yet qualifies as a confirmed breakout.
Technical analysts say the Nifty is likely entering a consolidation phase, not a full reversal. They expect the index to trade within a broad band of 23,400 to 24,500, with key support zones tested but anticipated to hold. A decisive breakout is seen as necessary to restore directional momentum, while the broader structure remains constructive for a gradual upward move.
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