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Selling pressure may continue but these 5 stocks could return 15-23%

Shabbir Kayyumi of Narnolia Financial Advisors said majority of oscillators are in the overbought zone and the possibility of profit-booking at higher levels cannot be ruled out

August 13, 2018 / 07:47 IST
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Shabbir Kayyumi Narnolia Financial Advisors

The market has been gradually moving higher since July. No reversal in price pattern is seen yet on the weekly chart. Profit-booking is expected due to the overstretching nature of oscillators as the Nifty is approaching its major psychological resistance of 11,500.

The Nifty's five-day closing simple moving average (DMA) stands around 11,425. Until the benchmark index breaches 11,360 levels decisively on the downside, it has a potential to extend this rally towards the 11,500 and 11,560 mark.

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Immediate trend line resistance on lower timeframe stands around 11,465 levels. A breakout above this level would see it head towards 11,550.

Majority of oscillators are in the overbought zone. The possibility of profit-booking at higher levels cannot be ruled out.