3247: Hot stocks | Petronet LNG, Ashok Leyland, UBL three trading ideas for short-term
Nifty slipped below the psychologically important level of 15,000 last Friday, snapping the weekly winning streak.
For the major part of the week gone by, the market had been experiencing some pressure at higher levels and this is what we have been alluding to in our intra-week commentaries.
Technically, last week’s high precisely coincided around the crucial resistance zone of 15,380–15,500, which is the 161 percent ‘golden ratio’ of the entire fall from January 2020 highs to March 2020 lows.
Some sort of pause around it was quite evident. Although the market has come off a bit in the last three sessions, structurally, there is no major damage done on the charts.
It should merely be considered as profit-booking as of now. Going ahead, we need to keep a close eye on how Nifty behaves around its key support zone of 14,750–14,550.
Only a sustainable breach of these crucial levels should be considered as a short-term trend reversal.
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