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Index trend and stocks in action February 02, 2018

Karan DSIJ
/ Categories: Mindshare, Markets, News
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One of the most anticipated events, the Union Budget, saw Nifty getting into wild swings during the session. Nifty ended the budget day with modest loss, but managed to hold the 11,000-mark. The price action led to formation of a ‘high wave candle’, which is characterised by small negative body with large upper and lower shadows, indicating the huge volatility in the market during the day. In the coming session, we believe the low of ‘high wave candle’ i.e. 10,879 is a crucial support and a follow through move below this level may trigger further sell-off up to levels of 10,800. On the other hand, the level of 11,121 would be a crucial level to watch out for and any follow through move above this level would once again open the gates for all-time high levels

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