Nifty: Nifty reversed its two-day losing streak on Wednesday, amid a strong bout of short covering in the market, nifty opened with positive bias and kept the momentum till the end and settle settling 61.60 points, or 0.58 per cent, higher at 10,772.

At every lower level nifty witness a strong recovery that’s indicate bulls are not loosening their grip and the decline got bought into. This formation validated the support of the 20-day moving average (DMA) on daily chart.

On the hourly chart, the index is approaching its multiple resistance zone at 10,780-10,800 levels. Any decisive breakout above it will give Nifty further strength towards 10,830 -10,860 levels. On the downside support is placed around the 10,700 level and its violation will cause weakness…..

Stock of the Day: (Technical Pick)

COMPANY NAME

CMP B/S

RATIONALE

M&MFIN

486.85

BUY

The trend of the script is bullish. On the intraday chart ,there is a positive cross-over of the moving averages and it has given
closing above its 100 EMA therefore, it can be bought above 488 with a stop-loss of 483.5 and target of 494.

 

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