Stock of the Week and Nifty Weekly Analysis

Uploaded by : DreamGains Financials, Posted on : 25 Nov 2016

 

Stock to Watch: NSE: GRUH

  • GRUH has taken support over the past 3 days above its 200 day Exponential moving average which lies at 295.4. It has also formed a rounding bottom pattern indicating a reversal in prices.
  • The stock if sustains above 308 , it presents a buying opportunity with a Stop below 295 level. The stock could test 330 levels on the upside.

 

Pivot Point Analysis:

Resistance (2) – 320.4

Resistance (1) – 310.9

Pivot Point – 301.4

Support (1) – 295.8

Support (2) – 291.9

 

 

NIFTY Weekly Analysis

Nifty futures corrected 9.5% from its intermediate high 8748 due to concerns and subsequent cash crunch owing to the demonetization policy initiated by the government. Nifty futures took strong support at 7920, which was the previous low formed on the day of the BREXIT outcome.

Nifty futures over the past 3 trading sessions has shown a small short covering rally which may last till about 2/3rds of the fall i.e. till 8350 levels. The 8350 level is also where the 200 day Exponential moving average of Nifty futures lies on the daily chart. A pullback rally till 8350 is expected over the course of the next week, post which it could further fall, unless this rally is accompanied with fresh buying volumes.

 

Nearest short term support is at 8030

Next short term support is at 7920

Nearest short term resistance is at 8230

Next short term resistance is at 8350

 

Pivot Point Analysis:

 

Resistance (2) – 8350

Resistance (1) – 8230

Pivot Point – 8020

Support (1) – 7980

Support (2) – 7920

 

 

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