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Today, several stocks tumbled more than 5% in trading, even as stock benchmark Sensex traded 350 points higher at 57943 amid
brisk buying on prime blue-chip meters. Despite the decline, Hero MotoCorp
doesn't look very attractive to us over the long-term, mainly due to pressure
on volumes and a tepid outlook given rising fuel costs, slow recovery in both
urban and rural markets, and a 25- 30% since the beginning of the pandemic.
However, the knee-jerk reaction shown in the stock today may recover somewhat
tomorrow, provided management gives satisfactory clarification to the road.
Markets ended bullish with broader indices gaining 0.60%. This was done in hopes of a positive outcome in peace talks between Russia and Ukraine. The drop in oil prices also supported the market.However, rising inflation, the rise in crude oil prices and the US Federal Reserve's rate hike need to be taken into account. This can affect the market in the short term. However, over the longer term, markets will do well and we recommend maintaining the buy-on dips strategy at key levels. For Nifty50 17300 will act as a very strong support, if this level breaks then 17255 will be the next strong support, after that the market might find support at the 17150 level. On the upside 17440 will be a strong resistance, if this level is broken the next hurdle will be 17530 after which 17600 will act as a strong resistance level.
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