The Nifty is on the cusp of a potential breakout from a Symmetrical Triangle pattern on the daily charts a formation that typically signals a strong directional move. The index continues to trade above both its short-term and long-term moving averages, which have begun to slope upward, offering a bullish undertone to the markets technical setup.With momentum indicators also turning constructive, domestic brokerage firm Motilal Oswal has highlighted its top three picks, based on the technical outlook, that traders can keep on their radar.
Nifty nears breakout from Symmetrical Triangle with bullish signals. Motilal Oswal highlights National Aluminium, Power Grid, and Tata Chemicals as top trading picks, backed by strong technical patterns, support zones, and rising momentum indicators.
In August, over 500 mutual fund schemes favoured top stocks like HDFC Bank, ICICI Bank, Infosys, Bharti Airtel, Reliance, SBI, L&T, Axis Bank, Kotak Mahindra Bank, and Mahindra & Mahindra.
Indian benchmark indices closed higher, fueled by auto, bank, and pharma stocks, while investors await the Fed's policy decision amid expectations of a rate cut. Corporate actions, including dividends and stock splits, are lined up, and several IPOs are set to hit the market. FII/DII activity, technical factors, rupee movement, and crude oil prices will also influence market direction.
The Federal Aviation Administration is seeking $3.1 million in fines from Boeing over safety violations, including ones related to an Alaska Airlines jetliner losing a door plug panel on its fuselage in midflight.
