Nifty 50 Index CMP: 24823 Support :24500-24200 Resistance : 25200-25300 • Nifty started the week on a positive note and remained consolidated for most parts of the week within the 24867-24522 levels, indicating a lack of strength. Nifty closed at 24823 on 23rd August with a gain of 282 points on a weekly basis.
• On the weekly chart, the index has formed
a small bullish candle with shadows on either side, indicating indecisiveness among participants regarding the direction; however, it has maintained a higher high and higher low compared to the previous week, which indicates a positive bias in the short term
• The chart pattern suggests that if Nifty
crosses and sustains above the 25000 level, it could witness buying, leading the index towards the 25200-25300 levels. However, if the index breaks below the 24700 level, it could witness selling, taking the index towards the 24500-24200 levels.
• For the week, we expect Nifty to trade in
the range of 25300-24200 with a mixed bias.
• The weekly strength indicator RSI and
momentum oscillator Stochastic have both turned flat, indicating an absence of strength on either side. Weekly Technical Outlook & Picks 23rd Aug, 2024
Bank Nifty Index
CMP:50933 Support : 50500-50300 Resistance : 51500-51500 • Bank Nifty started the week on a positive note and remained consolidated within the range of 51118-50283 throughout the week, indicating a lack of strength on either side. Bank Nifty closed at 50933 on 23rd August with a gain of 417 points on a weekly basis.
• On the weekly chart, the index has
formed a small bullish candle with shadows on either side, indicating indecisiveness among participants regarding the direction.
• The chart pattern suggests that if Bank
Nifty crosses and sustains above the 51200 level, it could witness buying, leading the index towards the 51500- 51700 levels. However, if the index breaks below the 50700 level, it could witness selling, taking the index towards the 50500-50300 levels.
• For the week, we expect Bank Nifty to
trade in the range of 51700-50300 with a negative bias.
• The weekly strength indicator RSI and
momentum oscillator Stochastic have both turned flat, indicating the absence of strength on either side. Weekly Technical Outlook & Picks 23rd Aug, 2024
Krishna Institute of Medical Sciences Ltd.
• KIMS has broken out above the CMP: 2478 Buy Range: 2420-2371 Stop loss: 2300 Upside: 8% – 13% “Rounded Bottom” pattern at 2356 on the weekly chart, indicating a continuation of its medium-term uptrend.
• The stock is forming higher highs and
higher lows on the weekly chart and holding above the upward-sloping trendline, indicating a positive bias.
• It is positioned above key short and
medium-term moving averages of 20, 50, 100, and 200 days, indicating a positive bias.
• The Weekly RSI strength indicator is
holding above its reference line indicating positive bias.
• The above analysis indicates an upside
of 2587-2700 levels.
* The holding period is 3 to 4 weeks.
Weekly Technical Outlook & Picks 23rd Aug, 2024
CESC Ltd. • CESC is trending within a medium-term rising channel, recently finding support CMP: 189 Buy Range:185-181 Stop loss:170 Upside: 14% –18% at the lower band and now advancing towards the upper band, indicating a continued uptrend.
• The stock has confirmed a breakout
above the small 'Descending Triangle' pattern at 180 levels within a rising channel on the weekly chart, indicating the continuation of the medium-term uptrend.
• The stock took support at the 38%
Fibonacci retracement level of a rally from 122-193 positioned at 166 confirming a medium-term support base.
• The Weekly RSI strength indicator's
crossover above its reference line has generated a buy signal.
• The above analysis indicates an upside
of 209-216 levels.
* The holding period is 3 to 4 weeks.
Weekly Technical Outlook & Picks 23rd Aug, 2024
Bharat Petroleum Corporation Ltd.
• BPCL has demonstrated a breakout above CMP:352 Buy Range: 348-341 Stop loss:330 Upside: 8% –12% the 'Consolidation Zone' pattern between 330-273 in early August 2024 at 330 on the weekly chart, signaling the onset of an uptrend.
• The stock experienced a "throwback"
around the breakout area and bounced back sharply, indicating a continuation of the post-breakout uptrend.
• It closed above the weekly upper Bollinger
Band, thereby generating a buy signal.
• The Weekly RSI strength indicator is
holding above its reference line indicating positive bias.
• The above analysis indicates an upside of
373-385 levels.
* The holding period is 3 to 4 weeks.
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List of Research Analyst :
Sr. No Name Designation E-mail
1 Rajesh Palviya SVP Research (Head Technical & Derivatives) rajesh.palviya@axissecurities.in
