The domestic market has been on a downward spiral since the last 10 sessions, with the BSE Sensex missing 68,000 and Nifty 50 skipping 20,000-mark. Both the indices have broken short-term support of the 21-simple moving average (SMA), reflecting mild selling pressure.
However, a few selective stocks still continue to display spirited trend, envisaging to reach higher grounds. So far this year, shares of IDFC First Bank have skyrocket 48 per cent, while Bajaj Auto, NTPC, and Dr. Reddy's Laboratories have surged close to 35 per cent, respectively, displaying extreme bullishness on charts.
Here’s the technical outlook for stocks that appear strong for accumulation during current scenario:-