Hot Stocks | NMDC, Balrampur Chini Mills, MTAR Technologies can give up to 12% return in short term; here#39;s why

Hot Stocks | NMDC, Balrampur Chini Mills, MTAR Technologies can give up to 12% return in short term; here#39;s why

Balrampur Chini Mills has broken out from the downward sloping channel on the daily line chart. Sugar sector has been showing strength for last many months and the same is expected to continue in the coming days. Indicators and oscillators have been showing strength in the current uptrend. Stock is placed above important moving averages.







Vinay Rajani









March 08, 2022 / 07:28 AM IST





Nifty fell for the fourth consecutive session on March 7 and settled 382.20 points or 2.35 percent lower at 15,863.15. At present, Nifty is placed almost 15 percent lower from the all-time high of 18,604. Nifty Smallcap Index has already registered a fall of 23 percent from its peak.

Nifty has been forming lower tops and lower bottoms on the daily chart. It has sustained below its crucial resistance of 200-day EMA, which is currently placed at 16,703. On February 24, 2022, Nifty broke down below the multiple bottom support of 16,800 on closing basis.

Previous support of 16,800 is expected to interchange its role as a resistance going forward and therefore unless we see close above 16,800, short term trend of the Nifty is expected to remain