Hot Stocks | Tata Steel, HDFC Bank, Dabur India can give up to 22% return in short term
Episode 3440, Jul 09, 2021, 12:30 AM
The Nifty has been maintaining higher top higher bottom formation on the monthly charts which shows the long-term bullish trend of the market is intact.
On the weekly timeframe, the Nifty has been moving in a range of 15,430–15,915 for the last few weeks which indicates the momentum of the market has slowed down but still there is no sign of trend reversal.
The index remains above the long-term moving averages of 50-day, 100-day and 200-day simple moving averages (SMA).
The RSI plotted on all the timeframes has been sustaining above the 60 mark which shows bullish momentum is intact for the medium to long term.
The key support levels to watch for in the short term are 15,430 and 15,145. The key resistance level is 15,915.
If the index sustains above this level, we might see the index head higher towards 15,986 and eventually 16,687.