Stocks to watch for Today 12 May 2023
HINDALCO,
NAVINFLOUR
LICHOUSING
M&M
CUMMINS
DEEPAKNTR
DIVISLAB
BALRAMCHIN
ACC
DELTACORP
GUJGASLTD
HINDCOPPER
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The Nifty50 has been trading
ranged above the previous day's high, but failed to hold it due to selling
pressure in the last hour of trading on May 11, the weekly F&O expiration
day, while volatility grew higher by the day. The index opened higher at 18,358
and climbed to 18,390 on the day amid volatility after US inflation numbers
eased, but gave up all gains in the last hour of trading to finish down 18
points at 18297. A bearish candlestick pattern has formed on the daily chart as
the close was below the open but higher highs and higher lows were forming.
The Nifty50 appears to be headed in a positive direction as long as it holds
the 18,200 level, which may be immediate support, while 18375-18425 is likely
to be a crucial hurdle in the coming sessions. Technically there were no major
changes in the chart structure. Nifty continued to move in the higher band
during the weekly settlement session. However, there is some reluctance in the
upside among the bulls waiting for a positive trigger to continue the uptrend.
Resistance: 18400,
18450, 18500
Support: 18300,
18250, 18200
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