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Hot Stocks | Here's why you should bet on GAIL, Dabur India for short term

Taking a glance at the rising volumes, we expect the momentum to extend in Dabur India in the forthcoming week.

January 23, 2023 / 06:31 AM IST
 
 
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Although we didn't mirror the weakness, the markets remained tentative to conclude the week ended January 20 a tad above the 18,000 mark. In the early part of week, the benchmark index managed to cross the intermediate hurdle of 18,100; but didn't have enough legs to go beyond the sturdy wall of 18,200 - 18,300. It seems market requires some solid trigger to break the shackles.

On the global front, hopefully, we see relief in the US markets after three days of continuous weakness. However, at our end, few heavyweights are going to report their earnings over this weekend, which will have a considerable impact on our market as we step into the monthly expiry week. As of now, we continue to remain hopeful and expect the action to trigger in the upward direction.

As far as levels are concerned, the rock-solid support is visible at 17,900 – 17,750 and till now, bulls have managed to defend it in a challenging environment. On the flipside, it has become a daunting task to surpass the hurdle of 18,150 – 18,300.

The way our markets have undergone a long time-wise correction; we expect the breakout to happen soon from this contracted range. Hopefully, quarterly earnings from Reliance Industries and banking giant ICICI Bank, set the tone and help us come out of this slumber phase.