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Techcheck Daily |
Nifty odds of pullback improve |
n Chart of the Week: Gold, prices near the top end of a decade long bullish channel, quarterly RSI readings at 92 are historically over stretched, upper end of the channel around 1500 and lower end at 900 currently, hence subject to prices holding within the channel the long term risk rewards are negative
n Nifty holds 5690 with Friday’s low at 5721, odds improve in favour of a pullback towards 5950-6000, 5690-5720 remains the crucial support range
n Nifty pullback towards the 52 week trendline, 5870 remains the trendline level for today
n Index 2 year and quarterly cycles come back to haunt
n Stocks with positive short term view:
n Larsen, BHEL, HPCL, BPCL, Reliance, Cipla, Infosys
n Stocks with negative short term view:
n Tata Steel, Coromandel, Chambal Fertilizer, TVS Motors
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