Stock Pick for Monday, November 22, 2021

  • by THO
  • 7 days ago
  • news
  • 1

In the previous session, the market once again witnessed the downtrend and ended the day with a net loss of 133.85 points. The index opened on a flat note but soon slipped into negative territory. Till the middle of the session, the index saw more selling pressure. Technically, The Nifty Index formed a Bearish candle on the chart. If we look from an immediate short-term angle, the index is placed at a crucial level and there are two possibilities either break below or reversed from the same level. Hence a cautious and stock specific approach is advisable for the next trading day.

Market Outlook:

Indian Stock Market will open positive. Technically, the Indian Stock Market is still in the negative zone. The market would enter into the positive zone only if it closes above 18006 levels for Nifty and 38501 for . The market will see some short covering after a sharp downfall in the last two trading sessions but traders should go short at every positive movement in the market until the market holds below these levels. Traders should initiate fresh long positions only if the market closes above these levels.

Following stock looks technically strong and traders can go long at below given levels.

BSE Ltd (NS:)

On the last trading day, the stock closed with a bullish candle near 1603 levels. We can see that stock prices have formed a ‘V- Bottom’ pattern on the daily chart. We have shown an ADX indicator that indicates potential in the stock. As seen on the chart, +DI is above –DI and ADX value are 21 which indicates that there is more room available on the upside for the stock.

The momentum on the upside remains strong for BSE Ltd. On the above chart, we have applied Fibonacci projection, which is used to determine the price action, support and resistance levels. We can expect it to reach a target of 1700-1730 levels which is 261.8% of Fibonacci levels. Add more on dips around 1470 levels. On the downside stop loss can be placed below 1399 levels.

Source link

Compare listings

%d bloggers like this: