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Market Outlook for this Week!

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Market Outlook for this Week!

 Dec 2022

Nifty started the week on a flat note but continued its previous week’s negative momentum to end the week on a weak note. Nifty closed at 17807 with a loss of 462 points on a weekly basis. On the weekly chart the index has formed a long Bearish candle forming lower High-Low compared to previous week indicating weakness at current levels. The chart pattern suggests that if Nifty crosses and sustains above 18000 level it would witness buying which would lead the index towards 18200- would lead the index towards 18200- 18500 levels.

However if the index breaks below 17600 level it would witness selling which would take the index towards 17300-17100.

Nifty CMP- 17807
Support- 17300-17100
Resistance- 18200-18500

Tech Stock for this Week-Cipla Ltd

CIPLA on the weekly chart has decisively broken out above the “Multiple resistance zone” placed between 1080-1070 level on 30th Sep, 2022. Stock had given a throwback till breakout area and forms a bullish candle at a breakout zone indicating reversal after a profit booking. Stock is forming a higher high-low on the daily chart. This formation indicates a positive uptrend. The weekly strength indicator RSI is holding above a reading of 50 mark indicates positive momentum.

CMP-1126
Stop Loss-1070
Target- 1280

Dear Readers, if you stuck in some equity investment & need expert advice then email us, we will reply on particular stock!

Vivek Dhumale

9970847337
SEBI Registered Research Analyst
[email protected]
www.hotshotadvisory.com

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