Ripples Advisory, A slip below 9,560 could bring bears back; 5 stocks which can give up to 12% return

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tagnation around 9,700 levels in the previous seven sessions and presence of multiple supply points between the levels of 9,700-9,730 finally caused a decline in Thursday’s trade. In the process, Nifty closed below the three-digit gann number of 961(0).

Having said that, Nifty corrective declines are known to retrace 38.2% of the previous up-move (i.e. 9341-9709). On an immediate basis, Thursday’s low of 9,561 is a point of reference, as it coincides with the support of its 21-EMA.

This moving average has been a savior since January 2017. Moreover, support of 5-week EMA is placed near Thursday’s low.