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Investment Idea: Buy Kajaria Ceramics and Tech Mahindra; Sell Maruti Suzuki

Way2wealth | 12 Mar, 2018  | Follow Author | Add to my Favourites 
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Nifty Spot Chart

The concluding session of week started with a mild gap up opening as indicated by the SGX Nifty. Post opening, the bullish momentum exhausted which led to a consolidation during the first half. Subsequently, the fresh sell-off during the second half pared all its gains. Looking at the hourly chart, index precisely retraced 50% of its swing move which also coincided with the hourly 45-EMA. At this juncture, we reiterate our view that the recent swing low of 10141 which coincided with the daily 200-SMA continue to act as a strong support. On the other side, 10325 / 10360 are near term hurdle for coming trading session.

Bank Nifty Spot Chart

The Nifty Bank index too opened higher with a marginal gap however such move proven to be short-lived as index immediately surrendered its gains and traded in a narrow range during the first half. Post mid-session, index triggered fresh sell-off which resulted into a close tad below 24300. Looking at the hourly chart, index retraced 50% of its previous swing move also the RSI (14) signalled negative reversal. Now, 24140 / 23990 are support for the day whereas 24450 / 24600 are immediate hurdle.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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