Trading bets! Top 10 stocks which could give up to 20% return in short term
As the countdown towards the implementation of goods & services tax (GST) begins, D-Street has a busy week ahead. The market is likely to remain volatile ahead of June F&O expiry due on Thursday.
The equity market extended its correction stance following the last week’s pattern formation to remain sluggish throughout the week. Despite picking up the pace in Thursday's trading session to reach the 9,699 level, Nifty failed to cohere on that level as the selling pressure mounted towards the end of the trade to close at the negative territory.
On the Moving Average Analysis, the EMA indicates an immediate support level at 9580 & 9550, while the resistance level will be tested at 9680 and 9710 levels.
“On the daily chart, Nifty formed an inverted hammer-like pattern, indicating a lack of conviction for a breakout from higher resistance level, signalling a muted movement in next week’s session,” Dinesh Rohira, Founder & CEO of 5nance told Moneycontrol.
As GST regime surfaces around for its implementation coupled with rigid macro data, the short-term consolidation in the space can’t be ruled out in forthcoming sessions, tracking a sideways movement however on the bullish trajectory at 9,650 levels,” he said.
Rohira further added that the barrier in medium-term for upward momentum will be resisted at 9,680 level unless market witnesses a breakout from this leg, which will hype for the next rally.
The equity market extended its correction stance following the last week’s pattern formation to remain sluggish throughout the week. Despite picking up the pace in Thursday's trading session to reach the 9,699 level, Nifty failed to cohere on that level as the selling pressure mounted towards the end of the trade to close at the negative territory.
On the Moving Average Analysis, the EMA indicates an immediate support level at 9580 & 9550, while the resistance level will be tested at 9680 and 9710 levels.
“On the daily chart, Nifty formed an inverted hammer-like pattern, indicating a lack of conviction for a breakout from higher resistance level, signalling a muted movement in next week’s session,” Dinesh Rohira, Founder & CEO of 5nance told Moneycontrol.
As GST regime surfaces around for its implementation coupled with rigid macro data, the short-term consolidation in the space can’t be ruled out in forthcoming sessions, tracking a sideways movement however on the bullish trajectory at 9,650 levels,” he said.
Rohira further added that the barrier in medium-term for upward momentum will be resisted at 9,680 level unless market witnesses a breakout from this leg, which will hype for the next rally.
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