Nifty started the week on a flat note and witnessed selling pressure throughout the week dragged index to close on negative notes. Nifty closed at 18497 with a loss of 200 points on a weekly basis. On the weekly chart index has formed a bearish candle however it remained restricted within previous session’s High-Low range indicating absence of strength on either side. The chart pattern suggests that if Nifty crosses and sustains above 18700 level it would witness buying level it would witness buying which would lead the index towards 18900- 19200 levels.
However if the index breaks below 18300 level it would witness selling which would take the index towards 18100-17900.
L&T on the weekly time frame has decisively broken out above the “cup and handle” pattern as well as “multiple resistance zone” which was placed between 2100-2080 levels. The breakout is accompanied with an increase in volume confirming participation at breakout level. The weekly “Bollinger band” generated a buy signal as stock closed above the upper Bollinger Band. The weekly strength indicator RSI is holding above a reading of 50 mark and its reference line indicates positive momentum.
CMP-2150
Stop Loss-2000
Target- 2400
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Vivek Dhumale
9970847337
SEBI Registered Research Analyst [email protected]
www.hotshotadvisory.com
