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Nifty:- 16658

Observation

* Nifty witnessed a volatile week as the geo-political tensions rose and the crude oil crossed the 100$ per barrel mark.

* On thursday Nifty saw a huge gap down opening which later saw follow-up selling throughout the session and nifty breached below the 200 Day SMA (16903) for the first time since July 2020.

* Later on Friday the index opened gap up as the global markets saw some revival and the crude oil cooled off by around 6%.

* Going ahead the 200 Day SMA (16903) and the 17027-16705 Gap zone will act as a major hurdle for the index.

FINE ORGANICS: CMP :- 4272.95 

Observation​​​​​​​

* On long term charts Fine Organics is moving with higher highs and lows formation with a strong uptrend.

* The stock is showing relative outperformance and has not corrected unlike the recent correction in Nifty and is currently trading at life time high.

* Recently the stock has given a consolidation breakout accompanied with strong volumes

* The price action and technical parameters indicate to a strong possibility for the stock moving higher towards 4600 (consolidation height target) followed by 5000 levels (100% fib ext)  Downside support for the stock lies at 3950-4000 zone.

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