The benchmark indices shed more than one-tenth of a percent amid consolidation on April 16 after a 1.6 percent rally in the previous session. Market breadth remained positive, with 1,965 shares witnessing selling pressure against 1,003 advancing shares on the NSE. The consolidation, with range-bound trading, is expected to continue until there is clarity regarding potential US–Iran peace talks.
Timken India has broken out above a long-term resistance trendline, closing above the resistance zone near Rs 3,500. Star Health has broken out above a multi-month consolidation range, trading above all key EMAs. Glenmark Pharma has broken out above a prolonged consolidation, closing above the Rs 2,238 resistance level.
Astra Microwave Products is showing strong bullish momentum after a rebound from a key demand zone. Engineers India is showing signs of strength after a wider-range trendline resistance breakout. India Glycols is showing steady upside after a phase of strong accumulation. Trent stock has shown a steady recovery, trading above the 50-day moving average. Bharat Electronics has regained momentum after a brief pullback, forming higher lows on the daily chart.
