Stock of the Week and Nifty Weekly Analysis

Uploaded by : DreamGains Financials, Posted on : 29 Apr 2017

 

NIFTY WEEKLY ANALYSIS

In the week from 24th to 28th April, Nifty futures broke its all time high of 9295. Nifty Futures also gave a closing above 9300 which was an important resistance level on intraday basis. Nifty futures is now facing a resistance at 9360 and support at 9300. Overall Nifty futures gave a movement of more than 230 points.

According to the Daily chart, Nifty futures has formed a trend line, which is taking support at 9295 and has formed an important support for the past three weeks. So in the week to come, if Nifty futures is able to close below 9295 then Nifty futures may touch 9225 and then 9200. On the upside, if Nifty futures sustains above 9300 then it may touch 9380 and 9420 in the coming week.

 

Nearest short term support is at 9295

Next short term support is at 9225

Nearest short term resistance is at 9360

Next short term resistance is at 9420

 

 

 

Stock to Watch: NSE: KRBL

 

  • According to the weekly chart, KRBL has closed above the trend line which was taking resistance at 435 . It has also formed a hammer candlestick apttern, which indicates a positive trend if breaks the high of the hammer.
  • It has rallied with good volume in the past 2 weeks and hence if it breaks 442 then it may touch 450 and 456 levels. On the downside, a closing below 436 could result in the stock touching 430 and 425 levels in the coming week.
  • One can go long above 442 with the stop loss of 436 and a target of 450 and 456.

 

Important Support and Resistance levels for next week are as follows.

Resistance (2) – 450

Resistance (1) – 442

Support (1) – 436

Support (2) – 430

 

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