Nifty view and stock call by HDFC Securities: Sell SBI, LIC Housing Finance

Adhere to up providing soon after “Island Reversal” sample implies resumption of a downtrend in Nifty

On May well four, Nifty fashioned bearish “Island Reversal” sample on the daily charts. In the following session of May well five, the index witnessed a follow up providing with momentum, which confirmed the bearish reversal. The pullback which was noticed from 7,511 to 9,889 appears to be to have ended and major downtrend has started out. Speedy aid for the Nifty arrives at eight,980, adopted by eight,seven hundred. Resistance has shifted down to 9,450 and can be stored as a stoploss in any limited positions of Nifty.

Inventory recommendation:

Offer SBI (171.four): | Target Rs. 162 | Quit-loss Rs 177

The inventory price tag has registered a new fifty two-week lower with higher volumes. It has also damaged down beneath the consolidation which was there for final 7 months in between 198 and

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