Nifty today – Market Outlook for this Week!

Nifty today – Market Outlook for this Week!

nifty today – Nifty started the week on a negative note however buying momentum at lower levels recovered some of the earlier losses to close on a flat note. Nifty closed at 17539 with a loss of 19 points on a weekly basis. On the weekly chart the index has formed a small Bullish candle carrying a long upper shadow indicating resistance at higher levels. The chart pattern suggests that if Nifty crosses and sustains above 17800 crosses and sustains above 17800 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 today –

Nifty CMP- 17539

Support- 17400-17200

Resistance- 17800-18200

 

nifty today – Tech Stock for this Week-Mahindra Holidays & Resorts India Limited

On the weekly time frame the stock has decisively broken out one year “consolidation range” breakout at 275 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.

CMP-285

Stop Loss- 260

Target- 355

nifty today –

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Vivek Dhumale
9970847337
SEBI Registered Research Analyst
[email protected]

www.hotshotadvisory.com

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