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Stock Market Outlook for this Week ! 18-07-2022

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Stock Market Outlook for this Week ! 18-07-2022

 

 

 Outlook for this Week !

 

 

 

 

 Nifty started the week on a flat note and traded with extreme volatility on either side throughout the week.

However Friday’s buying momentum recovered some of the earlier losses to close in negative terrain. Nifty closed at 16049 with a loss of 171 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 16100 level it would witness buying which would lead the index towards 16300- 16600 levels.

However if the index breaks below 15800 level it would witness selling which would take the index towards 15600-15400.

 

Stock Market –

 

Nifty CMP- 16049

Support- 15800-15600

Resistance- 16100-16500

 

Stock Market – Tech Stock for this Week-NOCIL Limited

 

Also Read : https://postboxlive.com/pavankhind-300-people-fought-against-6000/

 

Stock Market  – On the weekly chart, the stock has witnessed eight months “rounding bottom” breakout around 272 levels on a closing basis.

This breakout is accompanied with huge volumes indicating increased participation. In addition, the stock has confirmed tops and bottoms formation on the weekly time frame.

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. The above analysis indicate an upside of 295-305 levels

CMP-279

Stop Loss- 262

Target- 305

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

[email protected]

www.hotshotadvisory.com

 

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