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Stock market research – 08/08/2022

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Stock market research – Market Outlook for this Week !


Stock market research – 08/08/2022


Nifty started the week on a positive note and remained subdued within 17500- 17100 levels throughout the week indicating lack of strength on either side. Nifty closed at 17398 with a gain of 239 points on a weekly basis. On the weekly chart the index has formed a small Bullish candle carrying shadows on the either side representing volatility on the either side. The chart pattern suggests that if Nifty crosses and sustains above 17500 level it would witness buying which would lead the index towards 17700- 17800 levels.

However if the index breaks below 17200 level it would witness selling which would take the index towards 17000-16800.

Stock market research –

Nifty CMP- 17398
Support- 17000-16800
Resistance- 17700-17800

Stock market research – Tech Stock for this Week-BASF India Limited

Also Read :…to-bal-gangadhar/

On the daily time frame the stock has decisively broken out four months “rounding bottom formation” at 2850 levels on a closing basis. This buying support was observed from 20 and 100 day SMA’s which a crucial support zone remains. The stock has entered in up trend forming a series of higher tops and bottoms. 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.
Stop Loss- 2750
Target- 3230

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]




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