Sensex – Market Outlook for this Week !
Sensex – Nifty started the week on a flat note and selling pressure throughout the week dragged the index to close at its lowest point. Nifty closed at 16411 with a loss of 691 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 16600 level it would witness buying which would lead the index towards 16800- 17100 levels.
However, if the index breaks below 16300 level it would witness selling which would take the index towards 16000-15700
Sensex – Nifty CMP- 16411
Support- 1600-15700
Resistance- 16800-17100
Sensex – Tech Stock for this Week- Hero MotoCorp Limited
On the daily chart, the stock has rebounded sharply from 2146 levels and confirmed “double bottom” – trend reversal pattern. In addition, the stock has confirmed higher top and higher bottom formation which reconfirm bullish sentiments. This buying momentum was observed Hero MotoCop from 20 day SMA (2306) and rebounded sharply. The daily “band bollinger” buy signal reconfirm positive bias.
CMP-2570
Stop Loss- 2395
Target- 2700-2750
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