NIFTY VIEW
Nifty, closes below previous low of 10140 and also below much talked about 200 dma (Currently placed at 10166 level) for the second day in the row. It also broke the support of the upward sloping trend line adjoining the bottoms of 30th June 2017 and 29th Sep 2017 yesterday. Moreover Nifty is maintaining the bearish pattern of lower tops on the daily charts, and the recent top of 10479 would act as a strong resistance for the medium term.
Sell: L&T Finance
CMP: Rs 154
SL: Rs 161
Target: Rs 144
After making an all-time high level of 214 in the Month of Oct last year, stock has been witnessing selling pressure at higher levels and fell by 28% from the high. Stock Price currently trading below its 5,20 and 200 dma. Indicating short to medium term trend is negative.
Buy: M&M
CMP: Rs 743
SL: Rs 721
Target: Rs 775
M&M reversed northwards after forming a Double Bottom around 700 levels to close above its 5 and 20 dma. This double bottom level of 700 also coincides with the 200 dma which is currently placed at 704 levels. Therefore the significance of 700 levels as a support is very high. In the recent market correction, stock price has been holding well and also holds bullish trend on the daily chart.
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