NIFTY (Last: 5192.85,
down 4.40 points)
Sulking downtrend continues as the NIFTY shed 4 points to
close another day below 5200 support. The long and medium term trend of NIFTY
is up, however, the Index is about to enter into a short term downtrend. In
such a scenario, we expect the Index to test its near term support prices at
5150 and 5080. Major resistance levels are 5260 and 5300. We maintain our
positive stance on the Index and recommend going long on the weakness.
In our universe, 31 out of 55 stocks are in the long term
uptrend, out of which 2 stocks are showing uptrend reversing pattern namely
HCLTECH and TATAMOTORS. Today, 24 stocks are showing negative trend on the long
term basis out of which 5 stocks are showing downtrend reversing pattern. These
stocks are BANKBARODA, BHARTIARTL, GAIL, MARUTI and PNB. Please see the Trend Score table below.
Trading strategy: Sell on rise in stocks with negative Trend Score.
Buy on dips in the stock with positive Trend Score. Also keep a close watch on
the “Trend Score Change” column to get a clue on the velocity the trend. To
understand better please read the “Trend Score Guide”. (click to download)
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