Indraprastha Gas corrected from highs above 600 levels, may break out from a Triangle pattern with a close above 460-470 levels. Short-term traders can monitor for a move towards 500 levels.
Biocon Ltd, in the pharma sector, witnessed a 40% decline from the December 2020 high but shows signs of a bullish trend. Traders are recommended to consider buying for target levels of 325-350. The daily Relative Strength Index (RSI) is at 65.0. RSI below 30 is oversold and above 70 is considered overbought, Trendlyne data showed.
Conventional investment wisdom suggests that sharp rallies are usually followed by a time or price correction as smart money shifts into stocks that are likely to end a period of underperformance and start a fresh uptrend. But SBI chairmans unwavering optimism tells a different story.
The news triggered strong buying action in the stock as the price surged amid significant volumes. Over 12 lakh shares were trading on the NSE around 10:30 am.
In terms of price action, the stock is now trading well above most of the crucial short- and long-term moving averages such as 5,10,30,50,100 and 200-DMA on the daily charts which is a positive sign for the bulls. The daily Relative Strength Index (RSI) is at 66.9. RSI below 30 is considered oversold and above 70 is considered overbought, Trendlyne data showed. The daily MACD is above its center and signal Line, this is a bullish indicator.