![]() The counter is nicely poised above its 21 & 50-week- exponential moving average, which is positive for the prices in the short to medium-term. The 50-day exponential moving average (EMA) is acting as an anchor point for the stock on a daily scale. Prices have outperformed the benchmark index even in this bearish scenario which can be visible on the Relative Strength (RS) indicator. Since its listing, the stock is trading in a higher high, and higher low formation on the weekly time frame. IndiaMart InterMesh Ltd: BUY| CMP: Rs.2511 | Target: Rs 2745| Stop Loss: Rs.2380| Upside 9%Īfter witnessing a breakout from the Pole Flag pattern, IndiaMart is showing consistency towards the upside. Here is a list of top three stocks which could give 7-9% returns in the next 3-4 weeks: In the case of sharp short-covering, Nifty may go to 11000 levels. However, on the higher side, the index will continue to face hurdles around the 10750 level. The current chart formation suggests that Nifty may find major support at around 10,250 level which is well supported with a Fibonacci ratio. ![]() ![]() This revives hope for some bounce back in the coming sessions. The Nifty50 is trading near a 200-week exponential moving average with indicators near oversold level. This emergency interest rate cut is attempted to limit the negative impact on the economy from COVID-19. The announcement follows a similar decision by the U.S. The Monetary Policy Committee (MPC) voted unanimously to reduce bank rate by 50 basis points to 0.25 percent," the Bank of England said in a statement on Wednesday. The daily RSI (14) has drift below 20-level which is an oversold level for the indicator, so a sharp pullback at the current junction cannot be ruled out. On the March 11, the benchmark index recovered from its day's lowest point but couldn't sustain above 10,500 level and closed well below the said level. The market continued to extend its losing streak for the fourth straight week as the index fell almost 17 percent from an all-time high of 12,430 to low of 10,294.45 on 9th March 2020.įour unfilled continuation gap from 12,000 to 10,300 levels, this structure surely indicates bears are dominating bulls.
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