Equity benchmarks declined 0.8 percent for the second consecutive session on April 23. Market breadth favored bears, with 1,934 shares declining against 1,031 advancing shares on the NSE. Consolidation may continue in the equity markets, tracking rising oil prices above the $100-a-barrel level.
Anthem Biosciences has confirmed a bullish reversal after a breakout from a multi-month Inverted Head and Shoulders pattern. Zydus Lifesciences has also confirmed a bullish turnaround following a breakout from a multi-month Symmetrical Triangle consolidation.
Tata Communications is signaling a primary trend reversal after breaching a descending trendline. SRF shows signs of gradual base formation after a prolonged decline. National Aluminium Company continues to exhibit a steady uptrend, while PI Industries has shown a sharp recovery from lower levels.
Solar Industries India is trading above all key daily exponential moving averages, indicating a strong bullish trend. Glenmark Pharma is in a strong uptrend, forming higher highs and lows. Jio Financial Services has delivered a breakout from a prolonged sideways range, indicating potential trend reversal.
