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Indian market remained volatile throughout last week and closed lower on Thursday after rallying for three consecutive weeks in a row.
The Nifty50 failed to hold on to its crucial resistance level of 10,700 as well as its 200-days moving average (DMA) placed around 10,750 on the daily charts.
Technical experts feel that the week is likely to remain volatile due to November F&O expiry, but bulls will be able to take control only if Nifty closes above 10,700-level and 200-DMA.
The index is trading below its 50-DEMA and the crucial juncture of 10,650 zones which is also a trend line level by connecting its recent swing lows of 10,020, 10,105, 10,440 and 10,650 zones.
As long as Nifty remains below 10,650 zones, overall range bound move with limited upside could be seen in the market while on the downside, next major support exists at 10,450 then 10,333 zones.
India VIX moved up by 4.41% at 19.16 levels in the last week and higher volatility is keeping its restricted upside. If VIX crosses and holds above 20-21 zones then bears may again attack on the market while bulls require a stability below 17-16 zones to get a smooth ride.
We expect, that stock will continue to see an upward movement on the back of short unwinding and in that optimism it can test 475/585 levels in the short-term. Short-term traders can use any pullback in the counter to initiate long positions with a stop loss placed at Rs 438.source- www.moneycontrol.com
In the first week of November, Sail tested its resistance zone of 72 but failed to sustain above that. Since then, the stock is under bear pressure along with other metal stocks and in the last trading session, it closed below its crucial support zone of 62.
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