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Hot Stocks | Double-digit returns possible in HSIL, Cupid, Mahindra Holidays in short term, here's why

Primary trend of HSIL is positive as it is trading above its all short and long-term moving averages. Momentum oscillators like RSI and MFI are placed above 60 and rising upwards, indicating strength

April 19, 2022 / 06:24 AM IST
 
 
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The Nifty plunged 302 points on April 18 on the back of selling in technology and banking stocks to close at 17,174. In the last eight sessions, the index has fallen more than a thousand points from the high of 18,115 on April 4.

The short-term trend has turned bearish as the Nifty closed below its 20-day and 50-day exponential moving average (EMA).

In the week ended April 8, the Nifty formed “Doji” candlestick on the weekly chart. The significance of trend reversal has been high as a bearish candle was formed exactly at the downward sloping trend line, adjoining major swing highs on the Nifty weekly charts.

The Nifty also breached the low of the “Doji” candle last week, which confirmed the bearish trend reversal. Oscillators and indicators like relative strength index (RSI) and moving average convergence divergence (MACD) have turned bearish on the daily charts.