Currently, the market is riding on high optimism as far as the next fiscal corporate earnings growth is concerned.
The Benchmark index has seen 5 DMA and 10 DMA bearish crossover formations which are supportive for the continuation of bearish price movement further.
We recommend buying Hindustan Petroleum Corporation around Rs 240 with a stop loss of Rs 205.
Buy Marico at around Rs 420 with a stop loss of Rs 405 on a closing basis for a higher target of Rs 460.
The Nifty has crucial support at 14,500-14,700, while the trend reversal and the stop-loss level for the positional traders is 14,500.
It is a game-changing Budget in the sense that the numbers are very credible along with strong and timely reform measures.
The entire bullish view negates on a breach of the immediate support zone and in the case of BPCL, we will consider Rs 355 as a stop loss level.
Nifty has formed outside bar formation on the weekly chart and traded in the zone of 14,300-14,750 during the last few days.
Entire bullish view negates on breaching of a crucial support and one should exit from long position in ONGC.
Overall Nifty is trading with bullish bias and it has a potential to trade towards 15,000 unless it gives closing below its 5-week SMA and last week's low standing around 14,350.
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