Nifty Share Price – Market

Nifty Share Price – Market Outlook for this Week ! 29th August

Nifty Share Price – Market Outlook for this Week ! Market Outlook for this Week!
Nifty started the week on a negative note and traded with extreme volatility on either side throughout the week. Nifty closed at 17559 with a loss of 200 points on a weekly basis. On the weekly chart the index has formed a Bearish candle with a long lower shadow indicating buying at lower levels. The chart pattern suggests that if Nifty crosses and sustains above 17800 level it would witness buying which level it would witness buying which would lead the index towards 18000- 18300 levels.

However if the index breaks below 17400 level it would witness selling which would take the index towards 17200-17000

Nifty Share Price – Market Outlook for this Week !

Nifty CMP- 17559
Support- 17400-17000
Resistance- 17700-18000

Tech Stock for this Week-Asahi India Glass Limited

On the weekly time frame the stock has decisively broken out eight months “cup & handle” breakout at 600 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 is in strong 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 – Market Outlook for this Week !

CMP-632
Stop Loss- 580
Target- 710

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Vivek Dhumale
9970847337
SEBI Registered Research Analyst
[email protected]

www.hotshotadvisory.com

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