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Despite a smart rally in morning trade, the BSE benchmark failed to hold on to the gains and plummeted 1,045.60 points or 1.99 per cent to settle at 51,495.79
“After taking a pause for a couple of days, the Nifty resumed its southward journey. Nifty opened with an upward gap above 15,800 but inability to sustain at higher levels erased early gains. Momentum on the downside picked up as the index sustained below levels of 15,700, eventually forming a sizable bearish candle and ending below 15,400. Minor recovery might be there, however, shifting range lower, levels of 15,700-15,800 are likely to act as an immediate hurdle,” said Amit Trivedi, CMT, Technical Analyst – Institutional Equities, Yes Securities.
“On technical parameters, the market is a bit in the oversold region, and the zone of 15,000-15,200 might provide a temporary stay to the bears. For now, the zone of 15,600-15,700 is considered a daunting task for the bulls,” said Osho Kishan, Senior Analyst, Angle one Limited.
Below are four recommendations that analysts suggests for Friday:
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