Hot Stocks | Three short-term buy ideas that can give 8-15% returns
Episode 2625, Jun 18, 2020, 12:30 AM
Nifty traded in a rising channel pattern and tested its short and medium-term moving averages (21 and 50 -days EMA) on June 12.
The index registered a low and recovered sharply from the lower band of the upward rising channel.
On June 15, Nifty formed an inside bar pattern and since then it has not tested the low of that pattern.
In the last four trading sessions, volatility has increased drastically and we have seen that the market swings at least 100 points in both the directions.
Despite a volatile day on June 17, the market breadth remained in favour of bulls. India VIX gained by more than 1.35 percent and closed above 33 levels.
Technically, the benchmark index is bearish on the weekly and monthly timeframe.
On the daily scale, it has witnessed a stiff fall from the highs of 10,328 to 9,544 and it has also retraced more than 61.80 percent of the fall.
Till the time 10,050 is not broken, bulls will be under the shade. Once it successfully jumps above the hurdle, 10,550 will be on the cards which will be the upper band of the channel.