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Hot Stocks: Here's why you should bet on NMDC, Tata Communications, MCX India for healthy returns

NMDC on the daily chart has surpassed its previous swing high with a sharp surge in volumes. The momentum indicator RSI has given a positive crossover on the daily chart, confirming the buy signal.

January 12, 2023 / 06:51 AM IST
 
 
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Nifty remained rangebound throughout the session on January 11. The market sentiment remains negative as the benchmark Nifty fell below the crucial short term moving average (50 EMA - exponential moving average).

The daily RSI (relative strength index) is in bearish crossover on the daily timeframe, suggesting sluggish momentum.

Over the short term, the trend is likely to remain sideways or negative. On the higher end, resistance is visible at 18,000-18,250. On the lower end, support is visible at 17,800.

The Bank Nifty index witnessed a volatile trading session but managed to hold the immediate support level of 42,000. The index found support on the lower end at 41,700, where strong buying was visible.