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Hot Stocks: Markets on the way to recovery, bet on these stocks for strong earnings in the short term

A short-term bullish trend reversal will be confirmed as soon as the Nifty moves above 17,170. If the Nifty closes above 17,500, the possibility of a medium-term downtrend will end.

Binoy Rajani, HDFC Securities

In yesterday’s trade, the Nifty recovered 279 points from the low and closed at 17,096.30, the highest level since December 16. However, the volume has declined due to FII sales. The NSE’s cash turnover is at its lowest level since April 3, 2020. The Nifty has been able to recover more than 4.5 percent from the recent swing low of 16,410. The Nifty is still on a downward trend with the formation of lower top and lower bottom in the daily chart. The daily chart has seen previous swings between 17,640 (December 13 high) to 16,410 (December 20 low).

Now if the Nifty crosses the 17,170 level on a closing basis, it will be the first sign of a bullish trend reversal. The strike at 17,200 has drawn a lot of calls, showing a huge resistance for NAFTY. In this scenario, unless the Nifty stays above 17,200, there will be signs of weakness in the market. Currently 56 stocks of NSE500 are trading above their 200-Daily Moving Average (DMA) which can be considered as the low end of the last one year data. There is a huge resistance for the Nifty at the 17,500 level.

Nifty short term trend positive, bet on these stocks for strong intraday earnings

Bank Nifty formed a bullish pricing line candlestick pattern on December 27 pointing to a short-term reversal. If the index moves above 35,478, it will move further upwards. Support for Bank Nifty at 34,000 and resistance at 35,800 and 36,220 are visible.

We believe the market is on the way to recovery. However, a short-term bullish trend reversal will be confirmed as soon as the Nifty moves above 17,170. If the Nifty closes above 17,500, the possibility of a medium-term downtrend will end.

Today’s three calls so that in 2-3 weeks there will be huge income

Gland Pharma: Buy , LTP: Rs. 3,895.65 Buy Gland Pharma with a stop loss of Rs 3,600, target Rs 4390. This stock could see a 12.7 percent increase in 2-3 weeks.

NIIT: Buy | LTP: Rs NIIT will have to buy a target of Rs 473, with a stop loss of Rs 398. This stock could see a 12 percent increase in 2-3 weeks.

L&T Technology Services: Buy , LTP: Rs. 5,475.20 The stock should be bought with a stop loss of Rs 5,200 and a target of Rs 5,950. This stock could see an increase of 8.7 percent in 2-3 weeks.

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