Market outlook: Nifty poised to head towards 10,000 mark again

We continue to recommend making selective purchases while guarding profits at higher levels but refrain from shorts. NSEBSEUltraTechLoading data…

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    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESM&MLoading data…

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      ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESL&T FinanceLoading data…

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        ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESITD CementationLoading data…

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          ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESHavellsLoading data…

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            ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESDish TVLoading data…

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              ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESCeatLoading data…

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                ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESBank of BarodaLoading data…

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                  ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESITD CementationHavellsDish TVCeatBank of BarodaEXPAND TO VIEW ALL The domestic equity market had a relatively stable session on Tuesday, as it recouped some of its previous session’s losses and ended the day with modest gains of 39.35 points, or 0.40 per cent. The better part of the session was that the upward move has come on the back of fresh longs and not just on short covering.

                  This has put the market on a relatively better footing. We expect a quiet to modestly positive start to Wednesday’s session and expect the Nifty50 to progress gradually towards the 10,000-mark again, if no untoward developments happen overnight.

                  The 10,025 and 10,150 levels shall act as immediate resistance for the Nifty50. Supports should come in at 9,910 and 9,850 levels.

                  The Relative Strength Index or RSI on the daily chart stood at 54.7572 and it was neutral, showing no divergence against price. The daily MACD is bullish as it continued to trade above the signal line. No significant formations were observed on candles.

                  As evident from the charts, the Nifty50 continues to crawl within the rising channel that it has been trading in over past couple of months. It is likely that it will maintain its short term positive momentum, given that it is trading above its short-term 20-DMA.

                  All and all, if there are no incremental geopolitical tensions overnight, we expect the markets to continue with its upward move. No major downsides are expected and we may expect the market to continue its upward move and consolidate once again at higher levels. We continue to recommend making selective purchases while guarding profits at higher levels but refrain from shorts.

                  STOCKS TO WATCH
                  Stocks like Bank of Baroda, M&M, Ceat, Havells, Dish TV, ITD Cementation, L&T Finance, UltraTech
                  showed buoyant setups and are likely to trade with positive bias.

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