Nifty Outlook: For the second consecutive week, the benchmark index Nifty 50 closed with gains forming a bullish candlestick pattern. Nifty is showing signs of strength with positive closing forming a bullish candlestick pattern. However, the chart pattern is also indicating that the low level formation that is currently being formed can be ignored only above 17700 and till then a correction can be seen in it. Coming to the weekly chart, it is finding support near the 21-week Exponential Moving Average (EMA) and acting as an anchor point for the benchmark index. If Nifty reaches above 17600 and is successful in maintaining this level, it can once again cross the level of 18 thousand. Nifty is currently getting support at the level of 17100 and 16900.
Talking about Bank Nifty, it is showing recovery but still it is below 20 and 50 days SMA. Last week it found support at the 200-day EMA and the bulls are making steady efforts for a comeback. Nifty Bank is getting support at 36850-36600 level while resistance is facing at 37600-37700 level which is also 50 days EMA.
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Glaxosmithkline Pharmaceuticals: BUY
CMP: Rs 1888 | Target: Rs 2040 | Stop Loss Rs 1780
Since the last one year, its prices are moving back and forth in a rectangular shape and it has formed a trend line at the price of Rs 1750. On December 6, it broke out at the level of Rs 1825 and after the volatility of its price in a limited range, now there are signs of a bounce. On the daily time frame, this stock is trading above the Exponential Moving Averages (EMA) of 21, 50 and 100 days, which is positive for investing in it in the near term. The Momentum Oscillator RSI (14) is above 65, which is showing signs of further strengthening in its price.
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National Aluminium: BUY
CMP: Rs 98.60 | Target Rs 107.50 | Stop Loss Rs 93
For the last two months, the stock was showing a decline, but on December 8, it once again showed a bullish trend and the stock closed above the 21 and 50 days Exponential Moving Average (EMA). Apart from this, there are signs of a rise in its price from the Higher High Higher Low pattern.
(The current price is the closing price on Friday on NSE.)
(Article: Rohan Patil, Technical Analyst’s Bonanza Portfolio)
(The stock recommendations given in the story are those of the respective research analysts and brokerage firms. Financial Express Online takes no responsibility for the same. Investments in capital markets are subject to risks. Please consult your advisor before investing.)
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