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Markets to consolidate before fresh move; 4 stocks which can give up to 18% return.
Overall, we expect markets to consolidate between broad range of 10,240-10,520 levels for few sessions before giving any fresh breakout on either side.
After defending the 200-DMA, bulls showed some resilience and rebounded sharply during the initial part of the week. However, the up move got restricted near its daily 45-EMA and we saw quick profit booking during the mid-part.
The daily 9-45 EMA on price is negative hence the immediate trend is down however on a medium term basis as long as index is trading above 10,033 which coincides with the weekly swing low and the weekly 45-EMA the overall trend is still up.
Going forward, Nifty has an immediate support near 10,285 and any sustain move below this level will lead to further correction towards 10,210-10,141 levels. On the other side, 10,478 will act an immediate hurdle above which the index likely to rally towards 10,630.
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