Sentiments got a hit after the US Fed unexpectedly signaled two possible hikes in 2023.
As a result, companies’ performances are likely to be less impacted.
A) The US Fed decision of possible rate hikes weighed on investors’ sentiments.
The RSI indicator is also indicating an upside direction, which indicates a further north side move in the short term.
For the upcoming week, the FMCG index could be a good performer as all the sectoral stocks like HUL, D-Mart, Britannia, Marico are looking more attractive on the chart.
Momentum indicator Stochastic, K% is trading above D%, which points out strength in the counter.
On the monthly chart, the stock has been trading in a pennant formation which points out a bullish trend in the counter.