Stock market – Market Outlook for this Week !
Stock market – Market Outlook for this Week !
11/7/2022
Stock market – Nifty started the week on a flat note and buying momentum throughout the session led it close on a strong note. Nifty closed at 16221 with a gain of 469 points on a weekly basis. On the weekly chart the index has formed a long bullish candle forming higher High-low compared to previous week and has closed above previous week’s high indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 16300 levels it would witness buying which would lead the index towards 16500- 16700 levels.
However if the index breaks below 16000 level it would witness profit booking which would take the index towards 15800-15600
Nifty CMP- 16221
Support- 16000-15800
Resistance- 16500-16700
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Stock market – Tech Stock for this Week-Craftsman Automation Limited
Stock market – On the weekly chart, the stock has witnessed eight months “multiple resistance” breakout around 2450 levels on a closing basis. This breakout is accompanied with huge volumes indicating increased participation. In addition, the stock has confirmed higher tops and bottoms formation. The stock is well placed above its 20, 50,100 and 200 day 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.
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CMP-2490
Stop Loss- 2320
Target- 2790
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Vivek Dhumale
SEBI Registered Research Analyst
[email protected]
Stock market