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The market may remain rangebound in the upcoming session until it decisively surpasses the previous day’s high. Below are some short-term trading ideas to consider.
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The market is expected to remain range-bound with an overall negative bias until it decisively moves back above all key moving averages. Below are some trading ideas for the near term.
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Eicher Motors ended at new closing high of Rs 4,205.75 after breakout of falling resistance trendline adjoining highs of December 4 and December 29 last year, and formed strong bullish candlestick pattern on the daily timeframe with healthy volumes.
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Experts are hopeful of further uptrend towards 22,700-22,800 in the coming sessions, with support at 22,300-22,200 levels, and the volatility index diving to November 2023 lows
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Colgate Palmolive ended at record closing high after breaking the recent consolidation range and formed long bullish candlestick pattern on the daily charts with healthy volumes.
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Beyond 21,850, the Nifty could potentially move towards 22,200. Support for the near term is positioned at 21,700.
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Pre-budget sentiment might lead to more volatility this week, as there are just three trading sessions and all eyes are on Bank Nifty, which is in oversold territory.
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The immediate trading range for the Nifty 50 is anticipated to be between 21,500 and 21,800.
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GAIL India has seen a breakout of falling resistance trendline. The stock has formed strong bullish candlestick pattern on the daily charts with robust volumes and traded above all key moving averages.
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NCC has seen a breakout of horizontal resistance trendline adjoining multiple touch points and formed long bullish candlestick pattern with strong volumes on the daily scale. With Thursday's rally, stock traded well above all key moving averages.
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We expect their outperformance to continue for the coming weeks.
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MTAR Technologies, MCX India and GAIL India were among the stocks that outperformed the market on September 1 and are expected to continue the uptrend
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Dreamfolks has recently experienced a breakout on the daily chart, accompanied by a significant increase in trading volumes.
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The 17,300 level is expected to act as a crucial support, followed by the recent swing low of 17,250 and, if the said levels get broken, then there could be correction up to the 17,000 mark
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The next support is placed at 200-day SMA of 17,368, which coincides with Budget day's low, as breaking this may drag the Nifty towards 17,000 level, whereas the near-term resistance is expected at 17,600 followed by 17,700-17,800
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GAIL India shares hit Rs 100 mark after a long time and rallied more than 3 percent to Rs 102.25, the highest closing level since May 20, 2022 and has formed long bullish candle on the daily charts with strong volumes, with higher high formation for fifth consecutive session.
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Experts feel the 17,800-18,200 range is expected to break on either side after the announcement of the Budget, hence, if the Nifty breaks 18,200, then 18,500 is the level to watch out for
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Taking a glance at the rising volumes, we expect the momentum to extend in Dabur India in the forthcoming week.
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According to experts, 18,450-18,500 is likely to be a crucial area for further upside. If the said zone sustains, then new highs are possible in the coming days, with support at 18,300, followed by 18,000 levels
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Power Grid has been moving in an uptrend with higher highs and lows formation since March 2020. The stock has been taking support at its 20-week SMA (Rs 201) since January 2021 with some mild whipsaws.
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The Nifty is placed very close to the support zone (17,550-17,650) and is also very oversold on the shorter time frame. Thus in the sessions to come we might see the index consolidate between the 18,000-17,550
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The Nifty 50 is expected to range between 18,000 and 18,400 in the F&O expiry week, experts said, and all eyes are on the banking sector.
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PSU stocks have had a most forgettable year in 2020, with the Nifty PSE index declining about 30 percent since January. 2020.
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Bank Nifty traded lower last week but still closed above the 20-day moving average. The banking index is trading above all important moving averages and it should find strong support on the downside.
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Technically, last Monday’s gap up opening turned out to be a game-changer for the bulls. Because After the April month's ecstatic move, the month of May started with some negativity which got reversed with such a bounce.
