Dr Lal PathLabs gave its prolonged multiple resistance breakout on Friday in the zone of 920-930 levels. The stock should sustain 930-932 levels on all daily, weekly and monthly closing basis to witness significant upside in future.

Brent oil rose on Friday after witnessing three consecutive red days as Russia and Saudi Arabia called for an increase in the output. The outcome of the meet has been discounted and Brent rose on Friday expecting a output hike by OPEC in the meeting scheduled later during the day.

Since Mid-May, Oil prices witnessed a downfall of nearly 11 per cent. The recent fall in the prices was in the wake of an expected increase in the output by OPEC, Russia and allies, who are scheduled to meet in Vienna in the next week. The news has proven advantageous to India’s oil marketing companies and airline operators. 

Lupin as entered into a strategic partnership with Japan’s Nichi-Iko. The news seems to have been discounted and thereby the stock of Lupin witnessed profit booking in Monday’s trade, shedding 2 per cent and more, after four consecutive daily upticks.

Indian benchmark Nifty witnessed its fifth consecutive intraday uptick with the levels heading downward sloping trendline levels at 10,875. Nifty breached its recent multiple resistance at 10,790 on a closing basis. With Nifty heading northwards three stocks hit their 52-week high levels during the day.

TCS extended its agreement with M&G Prudential to cover latter’s additional 1.8 million customer policies. The stock of TCS surged for the fifth consecutive day on Tuesday and closed 1.8 per cent up. considering the weekly time frame, the stock has kind of formed a Flag pattern.

Reliance Brand is a trader and supplier of menswear and the company has acquired Rhea to foray into children and expectant mother clothing. On Monday, shares of Reliance Industries had hit 999.50 levels after a positive opening, but retreated with the markets to close flat to negative.

Markets had opened positive and had hit psychological resistance levels but couldn’t sustain and turned back. All the sectoral indices were trading in green except for Realty and Metal which turned subdued in the morning session only after a positive start. 

PSU Bank index posted a Doji and bounced back from 50 per cent retracement of the prior upward rally from 2,645 to 3,055. Thereafter, it has given three consecutive daily upbeats till date. Volumes are rising and 14-period RSI is nearing 60 which suggests momentum.

When the entire market is in doldrums with weakness prevailing in the benchmark indices, Pharma sector has escalated by 2.9 per cent. We hold 8555-8600 followed by 8650 as the resistances. In case its a pullback we hold 8330-8215 as the supports.