Tech stock – Market Outlook for this Week!
Tech stock -Nifty started the week on a flat note and traded with extreme volatility on either side for most of the week, however buying momentum pulled the index higher to close in green. Nifty closed at 17315 with a gain of 220 points every week. On the weekly chart, the index has formed a small bullish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction.
The chart pattern suggests that if Nifty crosses and sustains above the 17500 level, it would witness buying, leading the index towards 17700- 18000 levels. However, if the index breaks below the 17000 level it would notice selling which would take the index towards 16800-16500
Tech stock –
Nifty CMP- 17315
Tech Stock for this Week-Sun Tv Network Ltd
On the weekly time frame, the stock has decisively broken out above the “inverted head & shoulder” pattern. The stock broke above the neckline of 533 and closed above it every week. The stock is well placed above 20, 50, 100, and 200-day SMA’s which reconfirms a bullish trend. On the daily time frame, the stock is in a strong up trend forming a series of higher tops and bottoms.
Tech stock – The weekly strength indicator RSI is in bullish mode and sustaining above the 50-mark indicating sustained strength
Stop Loss- 500
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SEBI Registered Research Analyst