The Nifty50 which closed above its crucial psychological level of 10300 last week registered gains of over 2 percent for the week ended April 6th.
Benchmark indices staged a strong pullback rally fuelled by firm global cues. Broader markets outperformed the Nifty Midcap and Smallcap indices rose over 2 percent, each last week.
Sectorally, all indices ended in the green led by metal and PSU banking stocks. The Nifty has corrected by about 11 percent from February peak 11172 and found support from 52-weeks EMA 9980.
The Nifty, in the last week, witnessed the continuation of the short-term pullback that had originated from sub-10,000 levels in the penultimate week. However, experts feel that it would be wise to use pullback rallies to short the index.
The pullback has done descent retracement of the previous fall and has now reached a crucial resistance zone i.e. 10300-10350. There are multiple parameters, lying over there, to restrict further upside.
Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in
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After registering a multi-week consolidation this counter appears to be on the verge of a breakout as it witnessed a gap-up opening in Friday’s session.
The momentum in this counter shall further get strengthened on a close above Rs 3,330 kind of levels. Hence, in anticipation of a breakout positional traders should create a long position for a target of Rs 3,600 levels with a stop of Rs 3,250.
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