Nifty Share Price – Market Outlook for this Week !
Nifty Share Price – Nifty started the week on a flat and extended positive momentum in the initial half however profit booking at higher levels erased most of the gains to end on flat note. Nifty closed at 17758 with a gain of 60 points on a weekly basis. On the weekly chart the index has formed a bearish candle with an upper shadow indicating selling at higher levels. The chart pattern suggests that if Nifty crosses and sustains above 17800 levels it would witness buying which would lead the index towards 18000- 18300 levels.
However if the index breaks below 17700 level it would witness selling which would take the index towards 17500-17300.
Nifty Share Price –
Nifty CMP- 17758
Tech Stock for this Week-Astra Microwave Products Limited
On the weekly time frame the stock has decisively broken out one year “consolidation zone” breakout at 292 levels on a closing basis . This breakout is accompanied with huge volumes indicating increased participation. The stock is well placed above 20, 50, 100 and 200 day SMA’s which reconfirms bullish trend. On the daily and the weekly time frame, the stock has entered in up trend forming a series of higher tops and bottoms. The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports rising strength in near term.
Nifty Share Price –
Stop Loss- 280
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