Key Points
They suggest a sell on rise approach till the Nifty reclaims its peak of 19,523..
Hero Motocorp, ICICI Bank, PVR, Sunteck, Jamna Auto, Orient Electric, and Granules India are some of the stocks suggested for long-position trading...
In the shorter time frame, momentum indicators show overbought signs, and FII index long positions have also reached 73%..
Short-term traders can take short position at the current level as the index can give a throwback to the breakout zone of 18,900- 19,000 levels in coming days..
Immediate support is around 19,200, where a bullish gap was left last week, while the major breakout levels around 19,000-18,900 serve as a strong foundation..
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15, Apr, 23Nifty continued its bullish momentum for the third consecutive week and closed higher at 17,828 levels with a gain of 1.30% on the weekly closing basis. Prices have shown a strong reversal from the lower levels and gained more than 5% in just three weeks, which indicates strong buying demand in the benchmark index from the lower levels.
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Nifty Bank bounces back after retesting 200-DMA. Can it cross 46K mark?
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