2905: Hot Stocks | OFSS a buy call for short term; sell on HDFC Bank, Ambuja Cements


Manage episode 272783442 series 2281774
By Audioboom. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
On September 23, the benchmark index witnessed a gap up opening and retested the trendline resistance formed on an hourly timeframe.
A strong pullback in the final hour of the trading session got the index near its yesterday's close and made it shut the day with a marginal loss.
The worldwide concerns over the COVID-19, September expiry rollovers and growth worries kept the domestic market under pressure.
Since May 28, 2020, Nifty has never closed below its 50-day exponential moving average on the daily chart.
But in the last couple of trading sessions, the index closed below its 50-day EMA which is a sign of concern in the coming trading sessions.
The index has formed smaller degree rounding top formation on the daily timeframe. A break below 11,000 will open the gate for another 3 to 4 percent fall in the index.
An unexpected fall has signalled a weakening uptrend and a stop should be placed for any longs.

3230 episodes