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Time for buying on dips

Indian equity benchmarks extended gains on Wednesday, taking support from global markets coupled with RBI policy outcomes. Market opened the day with good gap and managed to hold its bullish stream throughout the trading session.

Sensex forms long bullish candle
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Sensex forms long bullish candle

- BAJAJHLDNG: Above Rs5,539 with a target of Rs5,594 and Stop loss of Rs5,484. The stock is in upward trending channel and has given the breakout.

- AARTIIND: Above Rs984 with a target of Rs993 and Stop loss of Rs975. It has support of 8 and 40 EMA.

- ESCORTS: Above Rs1,871 with a target of Rs1,889 and Stop loss of Rs1,853. The stock is in upward trending channel and is on the verge of a breakout.

- CANBK: Above Rs215 with a target of Rs217 and Stop loss of Rs213. It has a support of 8 EMA.

- HDFC: Above Rs2,855 with a target of Rs2,883 and Stop loss of Rs2,827. It has reversed from the support of 8 EMA.

(Source-CapitalVia)

Mumbai: Indian equity benchmarks extended gains on Wednesday, taking support from global markets coupled with RBI policy outcomes. Market opened the day with good gap and managed to hold its bullish stream throughout the trading session. All the sectorial indices are trading in green with IT, TECK, Metal & Bank. Traders took note of global rating agency S&P's statement that the impact of the new Coronavirus variant on India's economy outlook would be contained and expects India's economy to grow 9.5 per cent in FY22 and 7.8 per cent in FY23.

The market continued to witness bullish sentiments and attempt to hold the level above the 58,500. The market's short-term technical condition appears like sustaining above 58,500 levels will be crucial to stay positive in the short term.

The market witnessed strong positive Momentum for the second consecutive day on the back of positive global cues and status quo maintained by RBI policy committee. Nifty opened positive and witnessed by interest throughout the day and closed with gains of almost 300 points.

Sensex gained around 1.7 per cent for the day. Broader market to performed in line with midcap and small-cap indices gaining 1.6-1.8 per cent. Strong buying was seen in rate sensitive like PSU banks auto banking and reality stocks. Metals too were in focus.

RBI in its monetary policy meeting decided to keep repo rate unchanged at four per cent. The central bank retained its GDP growth forecast at 9.5 per cent, and inflation at 5.3 per cent for the full year.

Kumud Das
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