The surge comes on hopes of de-escalation of the Russia-Ukraine conflict after the Ukrainian President Zelenskyy indicated that the country was no longer interest in NATO membership
Both, Indigo and SpiceJet had broken major key levels; For reversal to take place these stocks need to conquer near-term hurdles and show sustainability.
With Nickel, Gold and wheat also hitting multi-year highs like Crude Oil, these five commodity related shares are likely to witness strong gains, indicate charts.
Despite the multiple COVID waves, the earnings for FY22 have not seen any significant downgrades and are on-course to deliver about 25 per cent growth
Similarly, the Bank Nifty may shed another 7 per cent to 30,500-31,000 levels.
ONGC is set to gain another 12 per cent in the upcoming sessions, while other oil related stocks show weakness.
The Nifty Auto index has broken key support levels, and looks weak on the weekly charts indicating a downside of 5 per cent.
Pfizer is near its long-term support, which it has defended for the last five years. A rebound can trigger a 10 per cent upside for the stock.
The price hike may spark a bullish rally in dairy-related stocks like Hatsun Agro Product, Heritage Foods and Parag Milk Foods indicate charts.
Analysts say the market fall was a knee-jerk reaction to the Russia - Ukraine conflict and are likely to witness a choppy phase before discounting this development and staging a sharp rebound
Coal India, GNFC, Cholamandalam, Fine Organic and Hitachi Energy can easily provide up to 14 per cent upside, indicate charts.
As long as the Russia-Ukraine heat continues, commodities will be the dominating theme versus the consumption theme said B Gopkumar, MD and CEO at Axis Securities.
SpiceJet, Berger Paints and BPCL look weak on charts, while ONGC could gain another 4-8%.
Key commodities such as crude oil, ammonia, urea, potash, and phosphates could move higher over the next few weeks.
Traders should opt to stay on the sidelines as this is an event-driven volatility, and wait for a decisive confirmation
The average daily swing for the NSE Nifty 50 index was 1.45 per cent, the highest in the last 10 months.
13 stocks from the Nifty Midcap index and 18 from the Nifty Smallcap index hit fresh 52-weeks lows during the current week
Our 10 mean reversion scenarios put the Nifty50 December 2022 target at an average of 17,500, said Jefferies
Technical charts suggest the bulls are not ready to give up just yet. Markets can find support at lower levels and move up, provided the news flow does not turn too adverse
The degree of effect on the liquidity will depend on the timing of the LIC offer and trend of domestic and global markets