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Stock market Today – Outlook for this Week

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Market Outlook for this Week !

 

 

28th Nov 2022

Nifty started the week on a negative note but witnessed buying at lower levels to end the week on a positive note. Nifty closed at 18513 with a gain of 205 points on a weekly basis. On the weekly chart the index has formed a Bullish candle which has totally engulfed its previous week’s move forming a “Bullish Engulfing” candlestick formation indicating a positive trend. The chart pattern suggests that if Nifty crosses and sustains above 18600 level it would witness buying which would lead the index towards 18800- 19000 levels.
However if the index breaks below 18300 level it would witness selling which would take the index towards 18100-17900.

Nifty CMP- 18513
Support- 18100-17900
Resistance- 18800-19000

Tech Stock for this Week-Bharat Heavy Electricals Ltd.

BHEL Ltd on the weekly time frame has decisively broken out above the “multiple resistance zone” which was placed between 80-78 levels. Stock broke out with a strong bullish candle indicating a positive trend. The breakout is accompanied with an Bharat Heavy Electricals Ltd. Weekly Tech Picks 25 November, 2022increase in volume confirming participation at breakout level. The daily and weekly strength indicator RSI is in bullish mode and weekly RSI holding above its reference line which indicate positive momentum.
CMP-82
Stop Loss- 72
Target- 95

Dear Readers, if you stuck in some equity investment & need expert advice then email us, we will reply on particular stock!

 

 

Vivek Dhumale
9970847337
SEBI Registered Research Analyst
[email protected]
www.hotshotadvisory.com

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