ICICI Bank was the star performer in the Nifty 50 and formed robust bullish candlestick pattern on the daily charts with healthy volumes. The stock traded above all key moving averages now.
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.
Bharat Dynamics decisively surpassed its previous record high of February 27 and ended at new closing high of Rs 2,046 with robust volumes. The stock has formed long bullish candlestick pattern on the daily timeframe.
Valuations in the largecap IT space remain expensive against their pre-COVID levels and the big names are still a few quarters away from turning a corner, says Hemang Kapasi.