Stock of the Week and Nifty Weekly Analysis

Uploaded by : DreamGains Financials, Posted on : 21 Oct 2016


Stock to Watch: NSE: Larsen & Toubro Ltd.

L&T Daily chart has exhibited a trend line which had taken resistance at 1518 level. Prices are close to this level in today’s trade after four days positive streak.

3 DMA has also crossed 12 DMA from below which confirms positive trend in days to come.

One can make long position above given level for the targets of 1545 and 1570 respectively while keeping Stop below 1490 level.

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

Pivot Point Analysis:

Resistance (2) – 1562

Resistance (1) – 1536

Pivot Point – 1488

Support (1) – 1463

Support (2) – 1415




NIFTY Weekly Analysis

In the week from 17th to 21st October, Nifty future took the important support of 8500 and bounced back more than 200 from the support level.  Volume has been almost double from the last week and also more than from last 2 weeks. Nifty futures gave a movement of more than 220 points in the week and gave near weeks high and above 8700 level.


According to weekly chart Nifty futures has bounced back from the support level and also gave a closing above resistance level backed with volume, So in week  to come if Nifty futures sustains above 8700 level on closing basis than Nifty futures may touch 8775 to 8800 and on the other side if Nifty futures is not able to sustain above 8700 on closing basis than Nifty futures may touch 8640 to 8600.


Nearest short term support is at 8640

Next short term support is at 8565

Nearest short term resistance is at 8750

Next short term resistance is at 8820


Pivot Point Analysis:

Resistance (2) – 8867.15

Resistance (1) – 8785.25

Pivot Point – 8646.25

Support (1) – 8564.35

Support (2) – 8425.40



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