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After 5 consecutive days of fall, markets rebound today

After continuously falling for the last five days, markets recorded a mild gain today. While NIFTY50 index closed at 14707.8 (+ 0.22%), BSE SENSEX closed just a shed above previous day’s close at 49751.41 (+ 0.01%). After making a high at 15431.75, NIFTY has fallen 4.69 per cent in the past few days, spooked by rising crude oil prices and increasing bond yields.

However, the rebound could be short lived as there are still concerns about the commodity-induced price inflation. A break below 14657 level could further push the markets downwards till 14000 or 13450, if selling pressure persists. A further potential downtrend could be led by the following stocks – HDFC, AXISBANK, TITAN, ICICIBANK, CIPLA and BAJAJ_AUTO.

MARUTI is also seen forming a head and shoulder pattern, indicating strong downward pressure in this scrip.

Credit: tradingview.com (TradZoo)

However, if the NIFTY price action sustains above the 14657 level, strong rally could resume. Among the most traded stocks today were, TATAMOTORS, TATASTEEL, RELIANCE, SBI and HINDALCO.

TATASTEEL, TATAMOTORS, ONGC, HINDALCO and UPL were today’s top gainers.
While KOTAK MAHINDRA today sank by 3.93 per cent. Along with KOTAK MAHINDRA, ADANI PORTS, MARUTI SUZUKI, BAJAJ-AUTO and DIVIS LABS were today’s top losers.

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