Nifty started the week on positive note and traded with extreme volatility on either side for most part of the week, however buying momentum at lower levels pulled the index higher to close on a flat note. Nifty closed at 17784 with a gain of 114 points on a weekly basis.
On the Weekly chart, “Doji” Candle formed, this indicate indecisiveness amongst market participants regarding the direction. The chart patterns suggested above 17900 level it would witness buying which would leads the index towards 18100-18400 levels.
However if the index breaks below 17600 level it would witness selling which would take the index towards 17400-17200.
Stock Market – Tech Stock for this Week- Bharat Electronics Limited
On the weekly chart, the stock has decisively broken out its past eight months “Consolidation Rang” (230-195) on a closing basis indicating strong comeback of bulls. This buying momentum was observed from 20, 50 and 100 Day SMS and rebounded sharply.
With current week’s high (242) the stock has registered a new 52-week high which remains a bullish signal. The daily and weekly “band Bollinger” buy signal reconfirm positive bias.
Stock Market – Tech Stock for this Week- SBI Life Insurance Company limited
On the daily chart, the stock has confirmed “inverse head & shoulder” reversal formation on a closing basis indication strong comeback of bulls. The stock has recaptured its 50, 100, and 200 day SMA and rebounded very sharply. Rising volumes on a rally implies increased participation at breakout zone. The daily “Band Bollinger” buy signal reconfirm positive bias.
Buy Range- 1157-1135
Stop Loss- 1099
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