Sensex week – Market Outlook for this Week!
Sensex week – Nifty started the week on a flat note and remained consolidated for most part of the week; however, the last couple of trading session’s gains pulled the index higher to end on a positive note. Nifty closed at 16352 with a gain of 86 points on a weekly basis. On the weekly chart the index has formed a Bullish candle with a long lower shadow indicating buying at lower levels. The chart pattern suggests that if Nifty crosses and sustains above 16400 level it would witness buying which would lead the index towards 16600- 16900 levels.
However if the index breaks below 16100 level it would witness selling which would take the index towards 15800-15600.
Nifty CMP- 16352
Sensex week – Tech Stock for this Week- TVS Motor Company Limited
On the daily chart, the stock has formed an “inverse head and shoulder” indicating a short term trend reversal. This breakout is accompanied with huge volumes indicating increased participation. In addition, the stock has confirmed higher tops and bottoms. The stock is well placed above its 20, 50 , 100 and 200 SMA which reconfirmed bullish trend. The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports rising strength in near term.
Stop Loss- 680
Sensex week – Tech Stock for this Week- HDFC Life Insurance Company Limited
On the daily chart, the stock has confirmed higher tops and bottoms indicating shift of trend. This formation has confirmed “multiple resistance ” breakout around 580 levels . This buying momentum was observed from its 50-day SMA and rebounded very sharply. The stock is also well placed above 20, 100 day SMA which supports upside momentum. Rising volumes on a rally implies increased participation on a rally. The daily and weekly strength indicator RSI signals positive crossover indicate rising strength.
Stop Loss- 555
Down Side Target- 672
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SEBI Registered Research Analyst