Dalal Street starts the week on shaky technical footing as Nifty ended sharply lower amid sustained selling and a steep rise in volatility. The index remains trapped below key moving averages, with 24,300–24,500 acting as a major ceiling and 23,200–23,000 the critical support. India VIX jumped to 18.79, while weakening RSI and a bearish weekly candle reinforce a cautious, defensive approach. Traders are advised to avoid aggressive buys until momentum improves.
HFCL shares kept surging for a fifth straight session, rising after upbeat Q4FY26 earnings and additional telecom orders revived investor confidence. Over the past month, the stock has nearly doubled, supported by improving profitability, faster revenue growth and momentum buying. Still, technical signals warn the rally may be getting overbought.
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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.
The Nifty 50 is torn between a bullish technical setup and a fast-worsening energy shock. Record earnings from firms like Bajaj Finance and Maruti Suzuki are supporting sentiment, but a Strait of Hormuz blockade and crude near $121 are pressuring the market. Brokerages warn that geopolitics is the near-term hurdle holding back a breakout above 24,340.
Suzlon Energy shares have rallied more than 51% over the past seven weeks following a sharp March downturn. Analysts attribute the rebound partly to rising temperatures, which lift power demand. Momentum indicators stay strong, but traders are alert to possible near-term profit booking. Attention is on key support and resistance levels, alongside growing foreign and retail participation.
Five Nifty500 stocks, including Firstsource Solutions, closed more than 2% below VWAP on April 24. Trading at levels under the volume-weighted average signals bearish sentiment and suggests selling pressure intensified. The move indicates traders may be turning cautious, with the market’s average price benchmark acting as a key technical line now breached.
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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.
Indian markets saw a broad sell-off, with Nifty and Sensex closing sharply lower. IT stocks led the decline, while pharma, healthcare, and energy also came under pressure. Analysts expect Nifty to trade within a range, citing support around 23,700–23,650 and resistance near 24,200–24,250 after the move below key EMAs.
Kaynes shares have tumbled 43.5% from their October peak, with Friday’s 12.5% fall the steepest single day so far. Momentum indicators stay bearish, keeping risk high for a further move toward the year’s low near Rs 3,825. Yet the stock is about 26% below its 200-day SMA, hinting at possible mean-reversion toward Rs 4,541 if buyers step in—otherwise losses could extend below Rs 4,300.
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