3323: Hot Stocks | Can bet on Divi's Laboratories, Cadila Healthcare, IG Petrochemicals for short term
Nifty opened with an upward gap and traded with high volatility throughout the session on April 6. However, the last hour pullback action pulled the index higher and recovered some of the earlier losses.
The index closed at 14,683.50 with a gain of 46 points (0.31 percent) while BSE Sensex gained 42 points (0.09 percent).
This signifies that 14,500-14,400 still remains an important support zone to watch out for.
Nifty has been broadly moving within 14,900-14,400, indicating sideways consolidation.
For the last couple of sessions, it has been sustaining below the 20-day moving average at 14,786 and 50-day moving average at 14,789, indicating weakness as well as lack of confidence in market participants.
The next higher levels to be watched are around 14,800-14,900. Any pullback towards 14,600-14,500 should be used as a buying opportunity.
The daily RSI has turned sideways and any move above the 50 mark can improve the bullish momentum.
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