NTPC formed bullish candlestick pattern on the daily timeframe with above average volumes, continuing uptrend for three days in a row. The stock traded well above all key moving averages which is a positive sign.
State Bank of India formed bullish candlestick pattern with long upper shadow on the daily charts, with significantly higher volumes for yet another session. In previous session, there was a horizontal resistance trendline breakout.
The national lender, which is also part of the S&P BSE Sensex, hit a record high of Rs 660 on December 20, 2023, but failed to hold on to the momentum. The stock found support above the neckline of the Ascending Triangle pattern on the weekly charts, which suggests that bulls are here to stay.
The USD/CAD pair trades near the day’s low around 1.3470 in Wednesday’s European session as the US Dollar Index (DXY) has corrected to near 104.00 from an 11-week high of 104.60.