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Investment Idea: Buy Dr. Reddy's and DMart; Sell Tata Steel

Way2wealth | 14 Mar, 2018  | Follow Author | Add to my Favourites 
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Nifty Spot Chart

It was a quite volatile day as both the counter parties trying to pull the index in their favour which eventually surge the volatility. Looking at the daily chart, yesterday’s high coincided with the daily 45-EMA. On a contrarian side, the index took support near hourly 89-EMA along with that the hourly RSI (14) found support near 60 levels. Now, the yesterday’s high of 10479 will act as an immediate resistance and any break above this level will allow index to rally towards 10530. On the flip side, 10378 will act as an immediate support and anybreak below this level will led to further correction towards 10325 / 10295

Bank Nifty Spot Chart

The Nifty Bank index opened on subdued note however we witnessed massive short covering across the PSU Banking space which drive Nifty Bank index higher. Post mid-session, index took sharp U-turned and erased all its gains which resulted into a close with a nominal gain of 0.30%. During the day, bulls pushed index above the 200-SMA however on a closing basis it failed to hold the same. On a daily chart, index resist near previous Monday’s high which continue act as an immediate hurdle whereas 24530 / 24325 likely to act as an immediate support.

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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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