As benchmark index Nifty has been seen forming lower tops and lower bottoms on the hourly charts, this, therefore, indicates a short term down trend.
While the support for the Nifty was seen at its previous swing low of 17,719, below which bearish trend would find momentum; the resistance was shifted down to 18,000 odd levels in the Nifty.
Above 18,000, Nifty is expected to find upward momentum. However, breadth is continued to remain a concern for the markets, as advance-decline ratio stood at 0.73. The NSE turnover, too, continued to remain on the lower side.
Pidilite Industries
Last close: 2,332
Target: 2,435
Stop-loss: 2,250
Delhivery
Last close: 349
Target: 375
Stop-loss: 335
(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC securities. Views expressed are personal).
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