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Hot Stocks | Strong double-digit gains in Redington, M&M Financial Services, Dabur possible in short term. Here's why

Dabur India prices on daily timeframe are continuously hovering around the upper Bollinger Band which tells that the volatility of the prices are rising for upmove.

December 09, 2022 / 06:15 AM IST
 
 
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On the weekly timeframe, we can spot that the prices are currently trading within the prior week range which forms an inside candle, indicating a decrease in volatility while no changes in prior uptrend.

The Nifty on the daily charts has corrected from the record high level with a lower low, lower high formation, however, it is sustaining above 18,500. This shows the presence of a positive undertone.

On the indicator front, the RSI (relative strength index) plotted on the weekly timeframe is moving in sync with the price trend which tells that the prices still have a strong momentum.

The Nifty has an immediate resistance placed at 18,887 (fresh high) followed by 19,200 (key resistance) levels. The downside support for the index is placed at 18,365 (prior weekly low) followed by 18,000 levels.