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Hot Stocks | Here's why you should buy Maruti Suzuki, Cadila Healthcare for short term

Technically speaking, 16,800 is considered to be a crucial level because it coincides with the 78.6 percent retracement of the recent up move as well as the trend line support, says Sameet Chavan of Angel One

January 31, 2022 / 07:31 AM IST
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Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

We had started the last week on a flat note on Monday because of mixed global cues. After some initial trades, the negativity reoccurred across the broader market. In fact, as the day progressed, the sell-off intensified to breach all intraday supports one after another.

In the process, the market plunged like a bottomless pit to hasten towards the 17,000 mark. Due to minor recovery in the end, the Nifty eventually settled above 17,100 by shedding nearly 3 percent. The remaining part of the week was extremely volatile where bulls managed to defend the 16,800 levels amid the challenging environment across the globe.

On Friday, the recovery extended towards 17,400, but unfortunately, the indecisive traders chose to take some money off the table. In the process, Nifty surrendered all gains to close on a flat note.