Country’s third largest private sector bank, Axis Bank surged 5 per cent plus from its previous close, after Board trimmed CEO Shikha Sharma's tenure to 7 months from three years of reappointment. Axis Bank is off its upward sloping trendline support level and is heading northwards.

Take Solutions has surged more than 5 per cent from Friday’s closing. The stock gave a breakout of the long awaited trendline and also a multiple resistance at 175.50 supported by volume spurt where volumes have surged above 90,000 lakhs after October 30, 2017. The 14-period RSI too saw a trendline breakout at 61 levels.

The bank which has been the talk of D-Street since the unveiling of Nirav Modi scam in January, gained as much as 5.3 per cent on Friday. The stock of PNB witnessed a kind of a Symmetric Triangle breakout on the daily time frame with volume spurt.

Nifty Auto Index is constantly rising with baby steps since March 23 from 10,560 and broke out of a small Channel pattern at 10,997 on April 02. The index broke its major resistance at 11,409 and is trailing above the said levels since April 5.

On Wednesday, Bank Nifty attempted to breach its major resistance at 24,500 levels but could not sustain and shed points covering almost two days winning streak. Going forward, we hold 25,000-25,150 as the resistances in case 24,700 is crossed. On the downside, 24,000 followed by 23,600 will act as supports.

Tech Mahindra, which forms 12.15 per cent weightage in the Nifty IT index is currently trailing at its multi-year highs. Since July 2017, the stock has seen nearly an uninterrupted rise of almost 74 per cent up to its current 52-week high. Recently, the stock has been trading in a multiple resistance range of 627-635.

Nestle India, majorly known for its Maggi noodles, is trailing at its all-time high level, in an otherwise weak market. With trendline breakout, significant volumes and 14-period RSI trendline breakout at 60 we see momentum to continue in the near to medium term. With this, we may see 800-1,000 points upside in the stock.

Rupee is seen depreciating amid protectionist policies of US President Donald Trump, followed by the trade war cues and FED rate hikes on the global front and deteriorating condition of PSU Banks and deficits on the domestic front. 65.25 and 65.31 to act as resistances and 64.72-64.62 to act as supports for USD/INR.

LIC Housing Finance closed 5 per cent up and grabbed second largest position in the Nifty Financial Service index. The stock breached its 50 days EMA resistance at 527-528 level almost after mid-October 2017 and recently broke out of its major resistance range of  520-530, breaking the lower top lower bottom pattern.

Technically, Bank Nifty opened on a flat note and surged so much so that it could fill the gap it made on last Friday. Bank Nifty had broken its upward sloping trendline at 25,295 on February 14, followed by a pullback and again a retreat from 25,725 on February 27.