3258: Hot Stocks | Why Tata Power, Rain Industries and HDFC Bank are bets for short term
Nifty ended with a gain of 0.77 percent at 15,097.35 on February 25.
On the daily timeframe, we can see that the index has formed a bottom near 14,600. This is close to the 14,730-mark which is a 38.2 percent retracement level of the rise from 13,596-15,431.
On the indicator front, the index remains above the long-term moving averages of 50-day, 100-day and 200 -day SMA.
The RSI plotted on the medium and the short-term charts can be seen rising, indicating that the medium and short-term trend of the index remains bullish.
On the upside, the key resistance levels are 15,276 (Feb 9, 2021 high). If the index sustains above this level, we might see it head higher towards the lifetime high of 15,431 and eventually 15,838 (138.2 percent extension level of the rise from 13,131-14,753, projected from 13,596).
The key support levels to watch out for in the short-term are 14,635 (weekly low), followed by 14,297 (61.8 percent retracement level of the rise from 13,596-15,431).
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