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Hot Stocks | Double-digit returns from ICICI Prudential, Suven Pharma, Bank of Baroda possible in short term, here's why

"Bank of Baroda is outperforming the PSU banking index where it has witnessed a breakout of a bullish Inverse Head and Shoulder formation, to resume its bullish momentum."

March 30, 2022 / 07:21 AM IST
 
 
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Nifty is respecting its 200-DMA (day moving average - 17,052) along with the psychological level of 17,000 where it is likely to witness a breakout of bullish flag formation on daily charts. A move above its 100-DMA (around 17,330) may lead to a smart rally in the market towards 17,490-17,640-17,800 levels.

On the downside, 17,000 has become a strong base while 16,800 is a key support level.

BankNifty is respecting its 20-DMA (35,166) along with a psychological level of 35,000, but 36,700-37,000 is a key resistance area. Above this, we can expect a massive short-covering rally towards the 38,000 level.

On the downside, 35,500 is an immediate support level while 35,000 is a key support.