sensex – Market Outlook for this Week!
Nifty started the week on a negative note and extended bearish sentiments for most part of the week dragged it lower to close in negative territory. sensex – Nifty closed at 15782 with a loss of 629 points on a weekly basis. On the weekly chart the index has formed a long bearish candle forming lower High-Low compared to previous week indicating weakness at current levels. The chart pattern suggests that if Nifty crosses and sustains above 16000 level it would witness buying which would lead the index towards 16400- 16700 levels
However if the index breaks below 15650 level it would witness selling which would take the index towards 15400-15100 levels
sensex – Nifty CMP- 15782
sensex – Tech Stock for this Week- ABB India Limited
On the daily chart, the stock has rebounded sharply from “multiple support“ zone of 2000 levels. In addition, the stock has confirmed “consolidation range” breakout at 2250 levels. This buying momentum was observed from 200 day SMA (2050). The daily “band bollinger” buy signal reconfirm positive bias. The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports rising strength in near term.
sensex – CMP-2263
Stop Loss- 2135
sensex – Tech Stock for this Week- Hindustan Copper Limited–May Fut.
On the weekly chart, the has confirmed “consolidation range” breakdown on a closing basis indicting bearish bias. This breakout is accompanied with huge volumes which signals selling pressure. On the daily and weekly time frame , the stock has confirmed lower tops and bottoms formation. The stock is sustaining below 20, 50, ,100 and 200 day SMA which reconfirm bearish sentiments.
Stop Loss- 103
Down Side Target- 84
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SEBI Registered Research Analyst
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