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Hot Stocks | Container Corp, Bharat Forge, Granules India can give up to 22% return in short term. Here's why

Bharat Forge, post August 2021, corrected with decreasing volumes. This tells that the stock has weak supply.

October 28, 2022 / 06:35 AM IST
 
 
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On the weekly chart, prices are maintaining a higher-high, higher-low formation indicating a positive undertone in the Nifty50 index. Prices on a daily time frame are moving in the range of 17,600-17,800 for the last few days.

The RSI (relative strength index) on the daily timeframe is rising while forming higher high, higher low with the overall price trend. This reflects the rising momentum with the price.

The index has its immediate support placed at the level of 17,420 (multiple touch point) followed by 17,100 (key support). On the other hand, the resistance is placed at the level of 17,920 (swing high) followed by 18,115 (key resistance).

Looking at the overall chart pattern, we feel that the trend of the Nifty can attempt to move till the level of 18,115 as long as 17,420 is protected of the downside.