Hot Stocks | Three stocks that can give up to 9% return in the next 3-4 weeks
Episode 2099, Jan 09, 2020, 02:00 AM
Bulls took a pause due to the geopolitical tension between the US and Iran.
The session of January 8 was a super volatile one for the benchmark index which opened more than 100 points down, following the global clues but witnessed sharp recovery in the second half of the trading session.
A gap-down opening on January 6 had forced Nifty to break its falling wedge pattern on the daily chart. Generally, after the breakdown of such a bearish reversal pattern, prices normally face selling pressure in further trading sessions.
The index has broken its 21-day exponential moving average which is placed around 12,125 and is likely to form a bearish candle on the weekly chart ahead of the weekly expiry.
As long as the index trades below 12,150, the probability of retesting the lows of 11,800 remains high. Some relief for bulls can be expected on a close above 12,250.