3 Bullish Stocks in Nifty50 on Charts

By Brijesh Bhatia (@bbrijesh9 / X)

Pune, 4th December 2024: In stock trading, technical analysis plays a crucial role in guiding traders towards making informed decisions. With numerous charting techniques and timeframes available, it can become overwhelming to identify trends that could potentially lead to profitable trades.

The array of options—from traditional candlestick charts to advanced methods like Point and Figure (P&F), Renko, Heikin Ashi, and Line Break charts—can leave traders puzzled when pinpointing the direction of a stock.

However, advancements in technology, such as Definedge’s scanner in the RZone platform, are simplifying this process. The scanner analyses multiple charts across different timeframes and uses diverse charting methods to assign a trend score.

The stock with the highest score is identified as bullish, signalling an opportunity for traders to add it to their watchlist.

The Nifty50 has reversed from 23,300 levels to 24,400 levels, igniting investors as fear weakens on the D-Street. If the Nifty50 continues, our readers should have done their homework on where the opportunities are.

The Bullish Stocks in Nifty50

Using the RZone scanner, we identified three Nifty50 stocks that have shown bullish signals across multiple charting methods and timeframes. Based on their performance in the Candlestick, Heikin Ashi, Point and Figure, Renko, and Line Break charts, these stocks have received high trend scores, suggesting a strong potential for upward movement in the near term.

Source: RZone

The three stocks are BEL, HDFCBANK and ULTRACEMCO.

The Importance of Combining Charting Methods

While numerous charting styles and timeframes exist, the key to successful technical analysis lies in using multiple methods to cross-verify trends. Definedge’s scanner in the RZone platform helps solve the confusion by consolidating data from various chart types, providing a comprehensive view of the market. These stocks are worth adding to your watchlist for traders looking to capitalise on potential upward movements.

Disclaimer: The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. This article is strictly for educative purposes only. As per SEBI guidelines, the writer and his dependents may or may not hold the stocks/commodities/cryptos/any other assets discussed here. However, clients of Definedge may or may not own these securities.

(About Author: Brijesh Bhatia has over 18 years of experience as a trader and technical analyst in India’s financial markets. He is a well-known face in the business channel as a Market Expert and has worked with broking giants like UTI, Asit C Mehta, and Edelweiss Securities. He is currently a Senior Research Analyst and Editor at Definedge.)