 "Technical calls from HDFC Securities: Sell MCX, Repco Home Finance")
Trend likely to remain bearish unless Nifty closes above 10,900
Nifty has been falling for last eight straight sessions. It has reached near its previous bottom support level of 10,583. Any level below 10,583 would result in a breakdown from last eight week’s price consolidation. The index has been sustaining below its 20, 50, 100 and 200-day moving average (DMA) levels, indicating bearish trend. 200-DMA is placed at 10,860, which is likely to act as a strong resistance.
SELL MCX (Rs 665)
Target: Rs 620
Stop loss: Rs 690
The stock saw a breakdown on the daily chart on Tuesday by closing below the support
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