New year 2023 – Nifty started the week on a flat note and witnesses a buying momentum for most part of the week that led the index to close on a positive note. Nifty closed at 18105 with a gain of 299 points on a weekly basis. On the weekly chart index has formed a bullish candle and remained restricted within previous week’s High-Low range indicating lack of strength on either side. The chart pattern suggests that if Nifty crosses and sustains above 18300 level it would witness buying level it would witness buying which would lead the index towards 18500- 18800 levels
However if the index breaks below 18000 level it would witness selling which would take the index towards 17800-17500
New year 2023 – Tech Stock for this Week-Canara Bank Ltd
CANBK on the weekly chart has decisively broken out above the “Multiple resistance zone” placed between 295-303 levels in Nov, 2022. Stock had given a throwback till breakout area and forms a bullish engulfing candle at a breakout zone indicating reversal after a small profit booking. Resistance zone between 295-303 was in place from Mar, 2018 and due to change of polarity resistance zone will now act as strong support. The weekly strength indicator RSI is holding above a reading of 50 mark indicates positive momentum.
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