Monday, 22 May 2017

Strong Support For Nifty Placed At 9,370; 4 Stocks Which Could Give Up To 17% Upside

The markets have once again created a fresh all-time high in the week gone by and crossed 9,500 mark for the first time ever. The Nifty continued with its gradual uptrend till Wednesday; however, geopolitical pressures unnerved it as Nifty saw selling from the higher levels that have resulted in the formation of 'shooting star' bearish candlestick pattern.

On the daily chart as well, the index witnessed a gap-up opening, but failed to sustain above 9,500 levels and ended lower forming a 'Spinning' formation. Both the candlestick pattern indicates weakness in the near-term and for the coming sessions 9,370 will be very crucial as a close below it may open further weakness towards 9,000 levels.

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