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Hot Stocks | Here is why you should buy Aditya Birla Fashion, Max Financial, & sell Asian Paints in short term

Max Financial Services has witnessed a falling trend line breakout on the higher side and closed convincingly above its support zone and formed a bullish Engulfing candle stick pattern on the weekly scale.

March 03, 2022 / 07:46 IST
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Nifty50 on March 2 witnessed a gap down opening tracking global peers and continued to trade in a negative terrain without disturbing its previous day's low. The prices have closed one percent lower but managed to settle within its previous day's range and formed an inside day pattern on the daily scale.

While coming to a daily chart, prices have breached the horizontal trend line support which was placed at 16,800 levels and also confirmed a consolidation break down. From the last three trading sessions, prices have likely completed pullback near the trend line resistance which is placed at 16,700 – 16,800 levels.

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Indian bourses have also formed a bullish ABCD Harmonic Pattern on the weekly chart and its prices have closed above the PRZ (potential reversal zone). One of the important observations from the FII & DII side observed this week includes a buying on every dip from the DIIs indicates support from Indian institutions at lower levels.

Currently, support for the Nifty is placed near 16,400 and 16,200 levels, and breaking below these levels will open the gate for 15,800 levels in the coming weeks. The upper band is capped near 17,100 and once the gap gets filled then the range might extend till 17,400 levels.