Stock Exchange – Market Outlook for this Week!
Nifty started the week on a flat note and traded with extreme volatility on either side throughout the week. Nifty closed at 17110 with a loss of 69 points on a weekly basis. On the weekly chart the index has formed a “Doji” candlestick formation indicating indecisiveness amongst market participants regarding the direction. The chart pattern suggests that if Nifty crosses and sustains above 17500 level it would witness buying which would lead the index towards 17800- 18000 levels.
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However, if index breaks below 17000 level it would witness selling which would take the index towards 16800- 16500
Nifty CMP- 17110
Support- 17000-16500
Resistance- 17400-18000
Stock Exchange – Tech Stock for this Week- Ami Organics Limited
On the daily chart, the stock has decisively broken out of a symmetrical triangle formation. This buying momentum was observed from 20-day SMA (1050) and rebounded sharply. The daily and weekly “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. Sharp rise in volume indicates buying near the breakout level.
CMP-1129
Buy Range- 1120-1100
Stop Loss- 1050
Target- 1220-1240
Stock Exchange – Tech Stock for this Week– BSE Limited
On the daily chart, the stock has reversed a down sloping trendline on a closing basis indicating resumption of uptrend. This buying momentum was observed from its 100 day SMA (800) and rebounded very sharply. Rising volumes on a rally implies increased participation at breakout zone.
The weekly “band Bollinger” buy signal reconfirm positive bias.
Buy Range- 890-880
Stop Loss- 850
Target- 1060
Stock Exchange – 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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