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Wednesday, April 17, 2024

Top choices from Bank of Maharashtra and EIHOTEL HDFC Securities; Nifty seems to be improving


<p>Wednesday saw a strong upward recovery from the lows for Nifty, which had been exhibiting weakness with range-bound movement in the previous few sessions. The index ended the day up 117 points. Early in the session, Nifty began the day on a low note and began to show signs of weakness amid choppy action. The market had a strong intraday upmove in the middle to late portion of the session, and it finished at the highs. Sharp intraday purchasing has emerged from the day’s low of 22224 levels. At 22497 levels, the new all-time high was recorded.</p>
<p><img decoding=”async” class=”alignnone wp-image-484833″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-top-choices-from-bank-of-maharashtra-and-eihotel-hdfc-securities-nifty-seems-to-be-750×422.jpg” alt=”theindiaprint.com top choices from bank of maharashtra and eihotel hdfc securities nifty seems to be” width=”1001″ height=”564″ title=”Top choices from Bank of Maharashtra and EIHOTEL HDFC Securities; Nifty seems to be improving 9″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-top-choices-from-bank-of-maharashtra-and-eihotel-hdfc-securities-nifty-seems-to-be-750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-top-choices-from-bank-of-maharashtra-and-eihotel-hdfc-securities-nifty-seems-to-be-768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-top-choices-from-bank-of-maharashtra-and-eihotel-hdfc-securities-nifty-seems-to-be-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-top-choices-from-bank-of-maharashtra-and-eihotel-hdfc-securities-nifty-seems-to-be.jpg 1024w” sizes=”(max-width: 1001px) 100vw, 1001px” /></p>
<p>On the daily chart, a lengthy bull candle with a long lower shadow developed. Technically speaking, this pattern is an uptrend continuation pattern that shows a bullish rising three method pattern.</p>
<p>The Nifty’s short-term trend is still upward. In the near future, further gain is possible, with 22800 being the next upside milestone to be observed. The levels for immediate support are 22300 and 22250.</p>
<p>The PSU banking stock MAHABANK has moved into a durable upward bounce and little selling pressure at the highs so far this week after exhibiting a slight downward correction in the previous several weeks. The stock price has recovered after the development of a new higher bottom around Rs 54 in mid-February, indicating that the greater degree bullish pattern, which includes higher tops and bottoms, is still in place. The 10-week EMA’s immediate support is providing the stock price with a basis and enabling a long-lasting upward recovery. In MAHABANK, buying may be started around CMP (Rs 62.20). Add more when prices drop to Rs 59.50, and then wait for the upside goals of Rs 70 and Rs 77 over the course of the next three to five weeks. Set a Rs. 56 stop loss.</p>
<p>In this hotel stock, the sideways range action over the last several weeks is about to culminate in a clear upward breakout around the Rs 430–435 levels. For the last several weeks, the stock price has maintained the 10-day EMA’s immediate support. The higher tops and bottoms and overall favorable pattern remain intact. Positive signals are shown by volume and daily RSI. During the next three to five weeks, one may consider purchasing EIHOTEL at CMP (Rs 424.60), adding more when the price declines to Rs 410, and waiting for the upside goals of Rs 460 and Rs 500. Set a Rs. 395 stop loss.</p>


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