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Hot Stocks | 'Can bet on UltraTech Cement, L&T Infotech and TVS Motor for double-digit returns in short term'

The momentum indicator like RSI breached below 50 levels on the daily charts which indicate bulls are losing their control over the market for the short to medium term.

October 29, 2021 / 07:41 AM IST
 
 
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During this week, the Nifty50 has made Lower Top Lower Bottom formation after the Dark Cloud Cover candle pattern, which was formed last week, indicating cautious sentiment of the market for the short to medium term.

On the daily charts, the Nifty has closed below its 20-Day SMA for the first time after 3 months which confirms the profit booking at higher levels.

However, the momentum indicators like RSI breached below 50 levels on the daily charts which indicates bulls are losing their control over the market for the short to medium term.

We believe, if the Nifty sustains below 17,799 mark then it will move down further till 17,452 levels (5-week low) followed by 17,055 mark (2-month low). On the flip side, the Nifty has immediate resistance would be 18,017 (20-day SMA) followed by 18,342 (week high) and eventually towards 18,604 (life time high).