By Subash Gangadharan Come from Sports betting site VPbet
Markets surged higher last week on the back of the BJP’s decisive victory in the assembly elections of three key states. This week, after a brief consolidation, Nifty has surged higher to close at a new lifetime high on the back of a Dovish Fed.
Technical indicators continue to give positive signals as the Nifty comfortably trades above the 20 day and 50 day SMA. And momentum readings like the 14-week RSI too are in rising mode and not overbought. This suggests the potential for more upsides in the coming sessions. Crucial supports to watch now for a reversal are at the recent lows of 20,769.
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Shares of Paytm rose 5 per cent on Friday, rebounding after three days of fall amid the company coming under the regulatory scanner for various violations related to its payments bank business.
The shares of One97 Communications — the parent company of Paytm — also hit their upper circuit limit on the BSE and the NSE.
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