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The Nifty Bank index was trading 0.58 per cent up at 42362.2.

Brokerage Sharekhan estimates the topline to decline 11% quarter-on-quarter, while margins are seen contracting by 72 bps. However, revenue is expected to rise on a year-on-year basis, led by higher ASP on the back of a higher share of three-wheelers in the product mix.

"For markets to move higher, we need to be convinced that the interest rate cycle has peaked out. Once I am convinced about that. There are still people who doubt that because of the RBI commentary, but I think the bar for them to increase rates further is so high now that it will be virtually impossible for them to do that. So that should be supportive overall."

Ipca Laboratories, a pharma company, is a potential buy as it has recorded a breakout from a falling trendline resistance and a Cup & Handle formation. Short-term traders can buy the stock, which has risen over 2% in a week and more than 7% in a month, with a possible target towards Rs 900 level in the next few weeks. Experts suggest placing a stop-loss below Rs 800 on a closing basis. The stock is trading above short-term moving averages on the daily chart and has a Relative Strength Index of 65.8.

On the technical charts, the 200-day moving average of the stock stood at Rs 1347.61.

A total of 6,739 shares changed hands on the counter till 11:48AM (IST)

The 200-day DMA is used as a key indicator by traders for determining the overall trend in a particular stock. As long as the stock is priced above the 200-day SMA on the daily time frame, it is generally considered to be an overall uptrend.

A host of analysts have shared their technical views on particular stocks that can rise up to 9% in the near term.

Registered its highest ever weekly close in a year indicating bullish momentum.

Adani Ports and Special Economic Zone Limited (APSEZ) will buy outstanding 3.375% senior notes due 2024 for a cash consideration of $130 million, the company on Monday informed stock exchanges. It said that it will fund the payment through cash reserves available with the company.