On the higher side, resistance for the Nifty is seen in the range of 22,700-22,775. The upside momentum is likely to accelerate once the all-time high of 22,775 is taken out.
NMDC shares bounced back after hitting a low above Rs 190 in March this year. The stock also underwent mild consolidation in early April. NMDC shares have advanced over 8% in the last 5 sessions, which helped the stock to breakout from the consolidation range.
KIE attributed Honasas success to its strong marketing acumen, flair for spotting emerging trends and capitalising on them, and nimble execution, however, also lists potential key risks of further deceleration in ME growth and a rise in competition from traditional BPC players/platforms.
There are sectors which are discovered on the street, then thrown in dumps and then rediscovered. Probably, in the last three years, the street is more in a mood to rediscover the sectors. On top of the rediscovery mission is the power sector. This rediscovery has happened after a gap of close to 15 years and probably companies and their promoters have learned many lessons. The players who are able to survive tend to get more attention because they have learnt the art of surviving a tough phase which is one most important feature for long-term survival. While phase one of the re-rating has taken place, the question is that as the sector continues to show improvement in performance, will there be another round of re-rating. As far as the basic demand matrix is concerned, power is a sector where demand will always be higher than supply.
Havells India, for instance, saw a breakout of its falling resistance trendline adjoining the highs of March 2 and April 8, and formed a big bullish candlestick pattern on the daily timeframe with healthy volumes.