Stock Market – Market Outlook for this Week !
Nifty started the week on a flat note and buying momentum throughout the week led it to close on a strong note. Nifty closed at 17287 with a gain of 657 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 17400 levels it would witness buying which would lead the index towards 17600- 17800 levels. However if the index breaks below 17100 level it would witness selling which would take the index towards 17000-16800. For the week, we expect Nifty to trade in the range of 17600-17000 with a positive bias.
Nifty 50 CMP: 17287
Support : 17100-16800
Resistance : 17600-17800
Stock Market – Tech Stock for this Week- Timken India Limited
The stock is in strong up trend across all the time frames forming a series of higher tops and bottoms. Rising volumes on this rally signals increased participation at lower levels. This buying momentum was observed from 100-day SMA and rebounded sharply. The stock is well placed above its 20, 50, 100 and 200 day SMA which reconfirms bullish sentiments. The above analysis indicate an upside of 2285-2400 levels. Holding period is 3 to 4 weeks.
Buy Range: 2180-2138
Stop loss: 2020
Target: 2332 / 2420
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SEBI Registered Research Analyst