As Indian benchmark indices reached new heights, Friday’s trading session was remarkable. The S&P BSE Sensex surged 1.63% to close at 84,544, while the NSE Nifty50 finished above the 25,750 mark, propelled by strong performances in the auto and banking sectors.
Market Overview
The short-term trend for Nifty is decidedly positive. After a significant rally on Friday, a brief consolidation phase may occur before the next leg up. Key Fibonacci extension targets are projected around 26,250, with immediate support located at 25,650.
IRB Infra Developers (Current Price: ₹65)
- Target Price: ₹73
- Stop Loss: ₹59
IRB Infra has shown strong consolidation in recent weeks. It bounced back from the 200-day EMA this week, supported by increased trading volumes, indicating renewed investor interest. The 14-day RSI has recovered from oversold conditions, suggesting potential for continued upward movement.
2. Tata Technologies (Buy at ₹1125)
- Target Price: ₹1245
- Stop Loss: ₹1065
Tata Tech has recently completed a breakout from a rounding pattern, signaling a shift in trend on the daily chart. Closing above a key resistance level further confirms this bullish reversal. Rising volumes during the breakout indicate strong market interest, while the RSI trending upward suggests that the stock is set for further gains.
