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Nifty Today – 19/9/2022

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Nifty Today – Market Outlook for this Week!

Nifty Today – Nifty started the week on a positive note but witnessed selling at higher levels to end the week on weak note.

Nifty Today – Nifty closed at 17531 with a loss of 303 points on a weekly basis.

On the weekly chart the index has formed a Bearish Engulfing candle with an upper shadow indicating selling around 18100 level.

The chart pattern suggests that if Nifty crosses and sustains above 17700 level it would witness buying

which level it would witness buying which would lead the index towards 17900- 18100 levels.

However, if the index breaks below 17400 level it would witness selling which would take the index towards 17100-16900

Nifty Today –
Nifty CMP- 17531
Support- 17100-16900
Resistance- 17900-18100

Nifty Today – Tech Stock for this Week-Sumitomo Chemical India Limited

On the daily time frame, the stock has observed “cup & handle” breakout around 518 levels along with huge volumes. The stock is well placed above its 20,50,100 and 200 Day SMA’s which reconfirm bullish sentiments. The daily “band Bollinger” buy signal 16 September,2022indicate increased momentum. The daily and weekly strength indicator RSI is in positive terrain and sustaining above 9EMA mark indicating positive momentum.

Nifty Today –

Stop Loss- 490
Target- 570

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

Vivek Dhumale
SEBI Registered Research Analyst

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