2361: Hot Stocks | Nippon India ETF Gold Bees, Torrent Pharma, Colgate Palmolive may give 10% return in the short-term
Publisher |
moneycontrol
Media Type |
audio
Categories Via RSS |
Business
Publication Date |
Mar 31, 2020
Episode Duration |
00:05:23
Last week, we saw Nifty rising more than 20 percent from the bottom of 7,511 towards 9,038. However, in the last two trading sessions, Nifty retraced more than 50 percent of that entire up move. The positional trend of Nifty is still bearish as 50-days exponential moving average has been sustaining below 200-days exponential moving average. In the past, we saw the development of death cross on Nifty charts in September 2019, November 2018 and December 2016 but the gap between these two averages did not enlarge to the extent which we are observing in the current scenario. The gap between 50-days exponential moving average and 200-days exponential moving average is substantial this time, which indicates the weakness in the overall trend. Short-term swings have widened in Nifty and 500 points move in a session has become normal nowadays. On March 23, Nifty completed a fall of 40 percent in the span of 46 sessions, which is the second-fastest 40 percent fall after the bearish markets of the year 1992. Stocks below 200-days moving average has reached 89 percent, which was at 98 percent and 94 percent in the year 2008 and 2001, respectively. As far as support is concerned, the level of 8,095 would play a key role. The level of 8,095 happens to be the 61.8 percent retracement of the entire 20 percent pullback that Nifty registered from 7,511 to 9,038.

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