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Ahead of Market: 12 things that will decide stock action on Tuesday
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Nifty ended at 15,583, managing to cross the crucial level of 15,550 on a closing basis.
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NEW DELHI: Domestic indices on Monday extended last week s gains and rose nearly 1 per cent to hit fresh record highs. Strong buying interest seen in
RIL and private financial stocks boosted investors’ sentiments. Nifty ended at 15,583, managing to cross the crucial level of 15,550 on a closing basis.
Nifty rose for the seventh straight session and formed a bullish candle on the daily chart. Analysts said there is a good chance of Nifty50 further extending these gains and climbing to 15,700 level if it manages to hold the crucial support level of 15,370. Will Nifty continue its upward journey or consolidate a bit in the next few sessions?
Nifty formed a small bearish candle with a long lower shadow on the daily chart in Thursday s session. The 50-pack index negated the formation of higher highs and lows of the last nine sessions.
Defensive viz. FMCG, IT and pharma tend to do well during the corrective phase, but traders should maintain caution in the selection of the stocks as we’re seeing selective participation, said Ajit Mishra, VP - Research, Religare Broking.
He also added, Indications are in the favour of some consolidation in the index and it would be healthy for the markets. Nifty has critical support at 13,350 and its breakdown may result in further correction ahead. In the case of a rebound, the 13,550-13,600 zone would act as a hurdle.