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Benchmark indices on Tuesday settled in the red after a volatile trading session. Traders remained cautious ahead of the RBI’s monetary policy outcome due later in the week and also ahead of key economic data from the US. The BSE Sensex dropped 106.98 points, or 0.16 per cent, to 65,846.50. The NSE Nifty shed 26.45 points, or 0.13 per cent, to settle at 19,570.85.
On the longer timeframe, IRCTC has been range-bound. It is forming the right shoulder of an Inverse Head and Shoulder formation, the breakout of which will occur above Rs 680 level. Below Rs 680, the structure on the counter will become indecisive. The stock has a demand zone near Rs 600 level. On the upside, the Rs 680 level is an immediate susceptible area; above this, one can expect a run-up towards Rs 700-plus levels in the near term.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)
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