Nifty's Volatile Session on April 30th
The Nifty index experienced a highly volatile trading session on April 30th, ultimately closing in the negative zone after erasing all its intraday gains in the final hour. The index formed a shooting star pattern on the daily charts, indicating resistance around the earlier high of 22,775.
Despite forming a higher top, the Nifty lacked follow-through action on the upside. This suggests the potential for a higher bottom formation in the near future. On a monthly basis, the Nifty gained 1.24% for April. Resistance is now expected at 22,783, while support could be found at 22,447.
Breakout Potential in Stock Price
The stock price is on the verge of breaking out from a 10-week consolidation period. This potential breakout is accompanied by rising volumes, further strengthening the bullish case. The primary trend of the stock remains bullish, with higher tops and higher bottoms visible on the weekly chart.
Furthermore, the stock price is positioned above all key moving averages, indicating a bullish trend across all timeframes. Indicators and oscillators also reflect strength in the current uptrend.
Confirmed Breakout and Bullish Signals
The stock price has successfully broken out from a two-week consolidation period. This breakout is accompanied by rising volumes, confirming the bullish momentum. Short-term moving averages are trading above long-term moving averages, further solidifying the bullish trend. Indicators and oscillators continue to show strength, aligning with the current uptrend.