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Nifty forms a bullish belt hold line, Metal stocks may stage a recovery

Nifty Metal index is placed at a very interesting juncture. Our weekly chart analysis indicates that the index has reached the declining trend line support zone of 3,330 levels.

After Friday’s bounce, Nifty formed a bullish belt hold line candle stick pattern on the daily chart. This often indicates an early sign of shift from bearish to bullish stance. The 10,550 mark proved to be an important support zone for the Nifty for second consecutive time. On the upside, immediate resistance is now seen around the 10,720 and 10,830 levels.

On the other hand, Bank Nifty was an underperformer as it failed to capitalize on the early Friday momentum ending almost flat.

The PSU banks continue to remain the weakest of the lot, while private banks continued to remain resilient. Going forward, crucial support for the Bank Nifty is seen around 26,225 levels.

Nifty Metal index is placed at a very interesting juncture. Our weekly chart analysis indicates that the index has reached the declining trend line support zone of 3,330 levels.

The index has managed to hold above the mentioned support area, and is likely that the Metal index may stage a short term recovery.

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