The Nifty failed to reclaim 10,800 but managed to hold on to its crucial support placed at 10,709-10,700 and hit a 2-week low on Tuesday. The index made a Bearish Belt Hold pattern for the second day in a row.
On Tuesday, the Nifty opened at 10,789.45, which was also the intraday high. The bears took control of the market in morning trade and pushed the index below its crucial support placed at its 5-day exponential moving average (EMA), 13-day EMA, and 20-day EMA.
Investors are advised to remain cautious and use rallies to short the index, with a stop above 10,830. As long as the Nifty is trading below 10,930, chances of correction will remain. The Bank Nifty continued its formation of lower highs and lower lows for the fourth session on the trot. It formed a Bearish candle on the daily chart and resistances are gradually shifting lower.
Buy Kaveri Seed Company with target at Rs 625 and stop loss at Rs 565
Sell Lupin with target at Rs 855 and stop loss at Rs 925
Buy Motherson Sumi Systems with target at Rs 340 and stop loss at Rs 295
Rajesh Agarwal of AUM Capital
Buy Cummins India with stop loss at Rs 664 and target of Rs 694
Buy GAIL India with stop loss at Rs 333 and target of Rs 355
Buy Kaveri Seed Company with stop loss at Rs 570 and target of Rs 596
Sell Max Financial Services with stop loss at Rs 465 and target of Rs 441
Sell LIC Housing Finance with stop loss at Rs 501 and target of Rs 477
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