Nifty started the week with an upward gap and buying momentum for most of the week led it to close on a strong note. Nifty closed at 18117 with a gain of 330 points every week. On the weekly chart, the index has formed a long Bullish candle forming a higher High-low compared to the previous week and has also closed above the same indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 18300 crosses and sustains above 18300 level it would witness buying which would lead the index towards 18500- 18700 levels.
However, if the index breaks below the 18000 level it would witness profit booking towards 17800-17500
Nifty CMP- 18117
Support- 18500-18700
Resistance- 17800-17500
Tech Stock for this Week-Ambuja Cements Ltd.
Ambuja Cement has decisively broken out above the “pennant” pattern on the weekly time frame. The pattern is formed after a sharp rally from the 350 level. Break out after a “pennant” pattern signifies the continuation of the previous rally. This breakout is accompanied by Ambuja Cements Ltd. Weekly Tech Picks rising volume, which normally dried up during “pennant” pattern formation. The weekly strength indicator RSI is in The daily and weekly strength indicator RSI is in bullish mode and the weekly RSI crossed above 9EMA which generated a buy signal.
CMP-558
Stop Loss- 519
Target- 570
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