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Pullback on the higher side likely if Nifty holds 9,100: Anand Rathi

MGL's stock has provided breakdown from a double top pattern on the daily chart
BUY NIFTY | TARGET: 9,400 | STOP LOSS: 9,100

Nifty is oscillating in the broader range of 9,100 to 9,500, and, currently, it has reached near its lower end of the range. So, as long as Nifty holds above 9,100 levels, we can expect some pullback on the higher side. The volatility India, VIX, has fallen below 40 levels, which is also giving comforts to the bulls. Although, the broader structure still looks weak and we are taking contra bet only to play for a pullback.

BUY HDFCAMC | TARGET: 2,750 | STOP LOSS: 2,560

The stock is forming a cup and handle pattern on the daily chart and has also given fresh breakout from a consolidation zone. The momentum oscillator MACD is very well in buy mode on the daily charts.

SELL MAHANAGAR GAS LIMITED | TARGET: 830 | STOP LOSS: 895

The stock has provided breakdown from a double top pattern on the daily chart. Momentum oscillator MACD has also provided a fresh sell crossover on the daily chart. The stock has already breached its 200-DMA on the lower side which indicates that the stock is likely to remain under pressure in the short term.

SELL HAVELLS | TARGET: 455 | STOP LOSS: 502

The stock is making a lower high and lower low formation and has also provided a breakdown from a consolidation range on the daily chart. Momentum oscillator MACD has also provided fresh sell crossover on the daily chart. Based on this rationale, we can expect further momentum on the downside to continue.




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