Stock Pick For Wednesday, November 17, 2021

  • by THO
  • 2 weeks ago
  • news
  • 1

In the previous session, the index opened on a mildly positive note but soon slipped into negative territory. Later, we have seen recovery from day’s low. However, in the last hour, the index again slipped into a negative zone and closed with a loss of 110 points. Technically, the index made a bearish candle on the chart. Hence, a cautious approach is advised for the day.

Indian Stock Market could open negative today. Technically, Nifty is still in the positive zone whereas is in the negative zone. Nifty would enter into a negative zone only if it closes below 17957 and if that happens then the market would see a sharp downfall. Traders can initiate fresh short positions if Nifty closes below 17957 but until then traders can go long at dips.

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

Indus Towers Ltd (NS:)

NSE: INDUSTOWER   BSE: 534816  Sector: Telecomm Equipment & Infra Services

We have posted a daily chart of INDUS TOWERS. On the chart, we can see that prices have formed a ‘Symmetrical Triangle Pattern’. Stock prices were consolidating for the last few days near 298-299 levels. Now further breaking above these levels will confirm the breakout. Prices comfortably closed near the Ichimoku cloud which suggests a bullish trend is intact and we can expect the upside momentum to continue from support levels. The 20 EMA days Moving average is acting very well on the stock.

The short-term trend for Indus Tower Ltd. looks to be positive for now. Positions can be created above 299 levels, which can take prices towards 306 and 313 levels. On the other side, the level of 289 will act as key support for the stock.

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