Ripples Advisory, Podcast | Stock Picks of the Day: Top 3 trading ideas that could return 4-10%
“If the Nifty continues to trade below the hurdle of 10,920-10,850 levels, then brace for a weekly rangebound target of 10,570 levels on the downside and 10,820 on the upside,”
In the week gone by, the equity market witnessed volatile trade on the back of rising crude oil prices, rupee devaluation and weak global triggers.
The Nifty ended the June series on a weak note as it fell sharply below 10,600 levels. It touched an intraday low of 10,571 and made a lower-band on a weekly basis.
On Friday, the Nifty witnessed buying throughout the day and managed to close above 10,700 levels led by FMCG and metal companies. The index recouped about 125 points on an intraday basis to close above its 10-day exponential moving average of 10,714.30, but down about a per cent on a weekly basis.
With a halt in a weekly-trend, the index formed an insignificant bearish kind of candlestick pattern on the weekly charts despite a bullish pattern on the daily price chart.
The weekly price chart indicated weak sentiment among market participants. To vindicate the intraday rally of last Friday, the index has to continue with this upward trend for the next few sessions. A close above 10,750-10,780 is required for the momentum to continue.
The weekly relative strength index (RSI) level indicates no major divergence in the price as it stood at 57 levels, while weekly moving average convergence divergence (MACD) slightly shifted into bearish mode. It is currently above the signal line.
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