Stock Market – Market Outlook for this Week ! 18/4/2022

Stock Market – Market Outlook for this Week!

 

Stock Market – Nifty started the week on a flat note however selling pressure throughout the week led the index to end on a weak note. Nifty closed at 17476 with a loss of 309 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 chart pattern suggests hat if Nifty crosses and sustains above 17700 level it would witness buying which would lead the index towards 17900-18100 levels.

However if the index breaks below 17400 level it would witness selling which would take the index towards 17100-17000.

Nifty CMP- 17476

Support- 17100-16900

Resistance- 18200-17800

 

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Stock Market – Tech Stock for this Week- Seshasayee Paper and Boards Limited

Stock Market – On the daily chart, the stock has confirmed 8-9 months “multiple resistance” zone of 192 levels on a closing basis indicating strong come back of bulls. This buying momentum was observed from its 200 day SMA (172) and rebounded very sharply. Rising volumes on a rally implies increased participation at breakout zone. The daily and weekly “band Bollinger” buy signal reconfirm positive bias.

The daily and weekly strength indicator RSI signals positive crossover indicate rising strength.

CMP-204

Buy Range- 200-194

Stop Loss- 183

Target- 227

Tech Stock for this Week-  Shipping Corporation Of India Limited

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On the daily chart, the has confirmed “multiple resistance” (132) breakout on a closing basis. This breakout is accompanied with huge volumes which signals increased participation. The stock has recaptured its 20, 50, ,100 and 200 day SMA and rebounded very sharply. The daily “band bollinger” buy signal reconfirm positive bias.

The daily and weekly strength indicator RSI signals positive crossover indicate rising strength.

Buy Range- 132-129

Stop Loss- 121

Target- 151

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Vivek Dhumale

SEBI Registered Research Analyst

[email protected]

www.hotshotadvisory.com