Hot Stocks | HDFC Bank, SBI Life Insurance Company, Reliance Industries can give 9-13% return in short term
Episode 3505, Sep 03, 2021, 12:30 AM
Nifty has maintained its higher top higher bottom formation on the monthly chart.
On the weekly timeframe, we witnessed the index form a CIP formation (change in polarity) near 15,430.
On the daily charts, the index has been making fresh lifetime highs for the last three days which indicates a strong positive undertone in the market for the short to medium term.
However, daily RSI can be seen sustaining below 60 mark which shows a lack of positive momentum for the short to medium term.
The key support levels for the short term are 16,722 (gap support) and 16,376 (three-week low).
On the upside, a key resistance level is 17,324 (100 percent extension level of the rise from 14,151-15,962, projected from 15,513).
If the index sustains above this level, we might see it head higher towards 18,016 (138.2 percent extension level of the rise from 14,151-15,962, projected from 15,513).