The Indian stock market rebounded on March 17, driven by banking and financial services, technology, and metal stocks. The Nifty50 index regained the psychological 17,000 mark, while the broader markets also traded higher with the Nifty Midcap 100 and Smallcap 100 indices rising. Stocks in action on March 17 included KPIT Technologies, JBM Auto, and Kalyan Jewellers India. KPIT Technologies stock broke a falling resistance trendline and traded above all key moving averages. JBM Auto marked a high of Rs 674 in January 2022, and the uptrend that followed saw the price crossing above the 50-, 100-, and 200-day moving average on daily charts. Kalyan Jewellers India formed a top near Rs 134 in December 2022, and the stock has rebounded and crossed above the 50-day moving average again. Investors should monitor the performance of these stocks and consider technical analysis before making any investment decisions.
Trade Analysis for KPIT Technologies, JBM Auto, Kalyan Jewellers
The Indian stock market rebounded from a five-month low on March 17, driven by a rally in banking and financial services, technology, and metal stocks. The Nifty50 index regained the psychological 17,000 mark, which can act as crucial support, while the 200-day moving average of 17,450 can be considered as a crucial resistance. The broader markets also traded higher with the Nifty Midcap 100 and Smallcap 100 indices rising.
KPIT Technologies, JBM Auto, and Kalyan Jewellers India were the stocks that were in action on March 17. KPIT Technologies stock has broken a falling resistance trendline and traded above all key moving averages. According to Foram Chheda of ChartAnalytics.co.in, the stock remained in a broad trading range under sideways consolidation from October 2022 until January, taking support at the 50-day moving average multiple times while staying well above the 200-day moving average. KPIT broke out of this trading range in January to test the high near Rs 875 levels.
JBM Auto rallied 9 percent to Rs 627 and recouped all its previous three-day losses, forming a robust bullish candlestick pattern on the daily charts with above-average volumes. Kalyan Jewellers India also came back strong after recent consolidation, rising nearly 10 percent to Rs 119.5, and formed a strong bullish candlestick pattern on the daily charts with robust volumes.
Late-hour buying on Friday helped the market rebound and close with more than six-tenth of a percent gains on March 17. Technically, the Nifty50 regained the psychological 17,000 mark on Friday after hitting more than a five-month low of 16,850 on Thursday, which can act as a crucial support, while the crucial resistance would be 200-DMA (days moving average 17,450).
Investors should keep an eye on the bullish candlestick pattern and strong volumes of KPIT Technologies, JBM Auto, and Kalyan Jewellers India. It is advisable to analyze the trends and monitor the performance of these stocks before making any investment decisions.
Technical Analysis for JBM Auto and Kalyan Jewellers India
JBM Auto marked a high of Rs 674 in January 2022 and retraced, finding support thrice in the Rs 362-368 zone. The uptrend that followed saw the price crossing above the 50-, 100-, and 200-day moving average on daily charts. After marking a current high, the stock price retested the previous resistance level which now acts as a support level and offers an attractive entry opportunity near Rs 595-600 levels with a target of Rs 690 and stop-loss of Rs 550.
Kalyan Jewellers India formed a top near Rs 134 in December 2022 and slipped in a corrective decline. The stock has rebounded and crossed above the 50-day moving average again, indicating the primary uptrend staying intact. The relative strength line has also broken out on the upside, crossing above the 50-period moving average. The on-balance volume has marked a new high.
A close above Rs 122 can trigger a fresh buying opportunity with a potential target of 6.5 percent. Alternatively, one can hold the stock, and any price move below Rs 112 can be considered to move out of the stock.
Investors should consider the technical analysis and monitor the performance of JBM Auto and Kalyan Jewellers India before making any investment decisions. It is advisable to check with certified experts before taking any investment decisions.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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