As updated in the previous week technical outlook markets remained volatile and signaled upwards momentum is likely to continued in upcoming week. We have updated 2 charts in previous week for educational purpose and Godrej Consumer Products move up from 710 and made a high of 734 & closed at 724 and Asian Paints crossed the levels of 2535 to 2540 and made a high of 2583 & closed at 2552. We can expect the momentum to continue in the upcoming weeks in both the stocks for more information please refer the previous week technical outlook on stock market.
US markets S&P 500 Index crossed 4000 levels first time and is all time high and closed at 4019.87, Dow Jones also near to all time high levels indicating further upwards movement to continue in the US markets.
Nifty Overview
Last week we have seen gap up opening nifty at 14628 compare with previous week close at 14507 and made a high of 14883 (resistance zone) and touched a low of 14617, which is a good sign that nifty successfully holding and traded above the support zone. Nifty closed at 14867 which is higher by 2.68% compared with the previous week.
Let’s have a look at Nifty Technical Chart as above, Nifty is at very crucial levels and is waiting for fresh breakout which can give us the direction for taking the trade decisions. So 15000 is the make or break level for nifty on technical chart and from options chain and break above these levels we can expect 300-400 points upward move in nifty.
On the contrary if nifty fails to hold 14700 levels which is a key trend line support then we can see the down side move in nifty towards 14500-14400 levels. Options data is in line with the above technical chart observations so please keep a watch on these levels.
Bank Nifty Overview
Last week bank nifty open at 33615 and made a high of 33990 and touched a low of 33151 traded in a narrow range and remained weak compared with nifty and closed at 33858 with 540 points move from previous week higher by 1.62%.
Look at the Daily Chart of Bank Nifty where in important support and resistance levels are marked and last week bank nifty remained weak so this week is important to watch for. First levels to watch for where you can go long in nifty is 34000 & can test first of resistance at 34500-34600 levels and cross above 34700 we can see further up move. On the contrary 32745 is the very important level to look for and one can go short in bank nifty if the level is taken on the down side for big down side open. Bank Nifty will remain the key driver for next week.
Stock to Watch for Next Week
- Happiest Minds Techno
Let’s have a look at the above technical chart of Happiest Minds Techno – Technically the chart has given a bullish breakout and above 560-565 levels and closed above breakout zone at 595. We can expect the continuation of upwards movement towards 720 – 750 levels. Once first level is crossed and sustained we can expect the move towards next level. Stop loss for this trade can be placed at 525 levels.
- JSW Steel
Refer the above weekly chart of JSW Steel already given a breakout at 405-415 zone and give a strong move in the last trading session the stock is good to accumulate at CMP 508 and on every dips for the upward move towards 631 to 798 in upcoming weeks.
Disclaimer :- All the contents posted here are for Educational Purpose only.
