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Nifty View
Nifty managed to close above its 100 DEMA, which is currently placed at 24595. Recent move in Nifty has resulted in to “Double Inside Bar” pattern on the daily chart. This pattern signifies a consolidation phase, where decisive breakout on either side of this range would confirm a further directional move. The recent swing low of 24,535 is expected to serve as immediate support. On the upside, 24,785 and 24,950 are two key hurdles for Nifty.
Buy Nippon India ETF Hang Seng Bees(426) | Target Rs. 460| Stop-loss Rs. 405
ETF has recently found support on 20 DEMA. Price breakout is accompanied with jump in volumes. 20 DEMA is above 50 DEMA indicating positional bullish trend. Daily RSI is sustaining above 50, indicating sustained uptrend for the underlying. Daily MACD is placed above its equilibrium line.
Buy ICICI Prudential Nifty Metal ETF(9.25): | Target Rs. 10,11| Stop-loss Rs 8.75
Nifty Metal Index has registered healthy running correction from the recent swing high. In international markets, we have seen bullish breakouts in Iron ore commodity. Rising iron ore prices indicates higher demand of iron ore and steel, which could benefit metal companies globally. Nifty Metal index has reached near to its long term support of 200 DEMA.
(Disclaimer: Vinay Rajani, CMT, senior technical and derivative analyst, HDFC securities, Views expressed are his own.)
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