Summary:
• In the week gone by Nifty was down by 1.14%
• Index has penetrated in weekly resistance band with the formation of a bearish engulfing pattern
• On the daily chart, Index took support at the 17550 level
• Moving below the 17550 level can be considered a negative development
• Index has the next best support at the 17200 level
• The index can trade in a broader range of 17200 to 17800 level
• From a sector perspective, defensive sectors like FMCG, pharma, and PSE show good strength
• Cement stocks have faced decent selling from immediate hurdle points
Please Note: This video is an initiative by FinLearn Academy for education purposes only.
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