Stock Pick For Tuesday, November 16, 2021

  • by THO
  • 2 weeks ago
  • news
  • 1


In the previous session, the market had a positive start. Soon, the index made a high near 18210 level. However, in the middle of the market, the index saw range bound trade. Technically, the Nifty index formed a Doji candle on the chart and closed with a minor gain of 6.70 points. We recommend continuing to approach the markets in a stock-specific way.

Indian Stock Market will open positive. Technically, the analysis would remain the same. Nifty is still in the positive zone whereas is in the negative zone. BankNifty would enter into the positive zone only if it closes above 39207 levels. The market would continue to consolidate but would still be considered bullish until Nifty holds above 17957 levels for Nifty. Traders can consider dips to go long in the market.

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

Can Fin Homes (NS:) Ltd


NSE: CANFINHOME   BSE: 511196  Sector: Finance

On the last trading day, Stock closed with a bullish candle near 668 level. As per Elliott wave theory, there is a clear impulse rise as shown on the daily chart and the stock is currently moving in the form of wave 5. After taking support and bouncing off from corrective wave 4 near 614-615 levels, the stock is trying to resume its up move again. We have plotted Parabolic SAR on the chart. The Parabolic dots are moving below the prices which indicates that stock is now in an uptrend. This indicator is most useful in terms of Entry and Exit levels in any stocks for trading purposes.

As the chart looks attractive, one can initiate buy and accumulate this stock near current levels. Add more on dips around 658-660 levels. If we take the projection of Fibonacci retracement then there is a possibility of seeing the target of 720/786 level as long as we do not see any closing below 639 levels.



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