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The choppy move continued in the market on Wednesday and the
NSE Nifty 50 ended the day 31 points lower amid a tight range move. After
opening on a negative note, the market transitioned into a sustained recovery
to the upside in the early mid-session. It later moved to a range for the
remainder of the session. A long bullish candlestick was formed on the daily
chart after a lower open. Technically, this pattern suggests a sideways market
movement around the 17750 – 17400 levels. Wednesday's rebound to the upside
after a weak open signal for buying interest to surge off the lows. This is a
positive sign for the upcoming market.
Recently, three gaps to the downside were opened on August 23rd, 28th and September
7th, and subsequent upward movement was observed on all occasions in the short
term after such market behavior. Therefore, in the coming sessions, Nifty
cannot be excluded from another attempt to reach the 17800 level hurdle. The
weekly chart's Nifty is placed just below the key overhead resistance of the
significant downtrend line around the 17800 level. The repeated hitting of the
said hurdle has been observed in the last few weeks. This indicates the
strength of the underlying nifty on the highs.
SUGGESTION
FOR BUYING THIS 2 STOCKS FOR SHORT TERM
Nifty's
short-term trend remains rangebound between 17,750 and 17,400. After Nifty
bounced up from near the lower range on Wednesday, there are chances that Nifty
could make an attempt towards the upper range and also the key trend line
resistance around the 17800 level in the coming sessions.
"BUY BFINVEST ABOVE 312.25 TARGET 335/365 SL 288"
After the stock price showed upward movement last week after downward
correction, this week the stock price saw a sharp bullish breakout of the down
sloping trend line to Rs 300 levels and is currently trading higher. The stock
price is moving higher in line with the higher highs and lows on the weekly
chart. Volume has started to increase during the stock price's upside breakout
and the weekly RSI is showing positive signs."BUY BALRAMPUR CHINI ABOVE 386 TARGET 401/410 SL 349"
The share price has been in a sustained upward movement in recent weeks. We
observe positive chart patterns such as higher highs and higher lows over the
period, signaling the strength of an uptrend. Now the stock price is trying to
stage an upside break above the key downtrend line resistance at Rs 377-378.
The positive pattern in volume and the weekly RSI suggests further upside
potential for the upcoming share price.
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