Tech Stock – Market Outlook for this Week!
Tech Stock – Nifty started the week with a downward gap and remained traded with negative bias for a whole week however Friday’s strong gains pulled index higher to help index to recover the losses but it ended in red. Nifty closed at 17094 with a loss of 233 points on a weekly basis. On the weekly chart the index has formed a Bearish candle with a long lower shadow indicating buying at lower levels.
The chart pattern suggests that if Nifty crosses and sustains above 17300 level it would witness buying which would lead the index towards 17500- 17800 levels.
However if the index breaks below 16800 level it would witness selling which would take the index towards 16500-16300.
Nifty CMP- 17094
Tech Stock for this Week-Bharti Airtel Ltd.
Tech Stock – On the weekly time frame the stock has decisively broken out above “rectangular” pattern. Stock was consolidated in a broader range between 780-640. It broke above the range indicating stock will be trending with positive bias. The stock is well placed above 20, 50, 100 and 200 day SMA’s which Bharti Airtel Ltd. 100 and 200 day SMA’s which reconfirms bullish trend. On the daily time frame, the stock is in strong up trend forming a series of higher tops and bottoms.
The weekly strength indicator RSI is in bullish mode and sustaining above 50 mark indicating sustained strength. The above analysis indicates an upside of 860-880 levels
Stop Loss- 750
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SEBI Registered Research Analyst 9970847337 [email protected]