Nifty50: After a continuous decline for eight sessions, the index recovered after dipping below 10,600 last Wednesday. The recovery of 200 points toward 10,800 has seen the index head towards its 50 per cent retracement, which is at 10,851. The reversal may see the index face selling pressure in the range of 10,850 – 10860, which also coincides with 200-day moving average (DMA).
The reversal has seen a surge of 10 per cent in few stocks including BEML, BPCL, CanFin Homes Ltd (Canfinhome), Century Textiles, Indiabulls Housing Finance Ltd (Ibulhsgfin), JSW Steel and Tata Steel.
Since the current