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RESULT FOR 24 MAY 2022
Balrampur Chini
Bank of India
Metropolis
Zee India
The Sensex and Nifty ended lower on Monday after a volatile session, weighed down by a sell-off in metals stocks after the government imposed heavy export taxes on steel products, while gains in auto stocks helped limit some of the losses. The Nifty was down 51 points to 16214 at the close, while the Sensex was down 37 points to 54288. The government and the RBI are making persistent efforts to dampen future inflation. Government fiscal measures such as increasing tariffs on steel and similar measures on other products in the future will help control inflation. However, the restrictive monetary and fiscal measures taken by the RBI and the government will have a cascading effect on the market and economy in the short to medium term. Globally, Asian markets traded mixed while European markets traded higher as traders attempted to end a downturn in global equities sparked by rising inflation and fears that major economies are slipping into recession. Technically, Nifty formed a bearish candle on the intraday period. The bulls remain trapped as no continuous daily index closed green for the past week. On the hourly chart, Nifty has formed a triple top pattern indicating weakness in the coming days but sees a negated close and a hold above the 16350 level. Indicators like the RSI still remained in the oversold territory, while the MACD also suggests imminent weakness. The Nifty could find support around the 16100 levels followed by 15800 while on the upside 16450 could act as an immediate hurdle. On the other hand, Bank sent support at 33400 while resistance stands at 32600.
Resistance: 16250, 16350, 16450
Support: 16150, 16050, 15950
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