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Daily momentum negative after 7 weeks, metals look vulnerable |
n Chart of the Day: BSE Metal Index, bearish gap suggests at continued weakness in the sector, another 5-7% declines
n Nifty daily momentum readings turn negative after 7 weeks, short term weakness to continue, targets 5800-5830.
n Nifty the medium term uptrend remains intact, target 6500, hence this short term dip can be used for buying
n INR initial targets met, double bottom at 44.05, expect a bounce back till 45-45.5
n Stocks with positive short term view:
n Petronet LNG, Reliance, Infosys, Andhra Bank
n Stocks with negative short term view:
n TISCO, Hindalco, Sesa Goa, Axis Bank, BHEL, Century Textile
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