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Published on 10/08/2020 5:50:55 PM | Source: GEPL Capital Ltd

Weekly Technical Outlook On 10th Aug 2020 By GEPL Capital

Posted in Market Outlook| #GEPLCapital Ltd #Market Outlook

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NIFTY MIDCAP 100 weekly close 16103.30 (4.1%)

Observation

* NIFTY MIDCAP 100 has formed a V shaped recovery form the March 2020 Low. This up move has taken the prices form 10750 to 16103 levels, currently the index is 50% off its March 2020 lows.

* In the week that passed by the index broke above the 15540 (61.8% retracement level of the fall form 18500-10750).

* The long term moving average on the daily time frame are as follows 20 Day SMA (15442), 100 Day SMA (13770) and the 200 Day SMA (15473). As of now the index is placed above all the above mentioned moving averages.

* On the indicator front the RSI (60.67) plotted on the weekly chart has firmly moved above the 50 level, indicating the presence of bullish momentum in the prices.

* On the daily chart as well we witnessed the Bollinger Band squeeze breakout on the upside which indicates volatility increases in the coming days.

 

NIFTY SMALLCAP100 weekly close 5262.90 (5.0%)

Observation

* The NIFTY SMLCAP 100 has been in a strong up move since Early April 2020, and has given a sharp recovery from the lows.

* Currently it is almost 65% off 3203 (April 2020 lows).

* The long term moving average on the daily time frame are as follows 20 Day SMA (4984.15), 100 Day SMA (4301.84) and the 200 Day SMA (5079.8). As of now the index is placed above all the long term moving averages.

* On the indicator front the RSI (61.42) plotted on the weekly chart is placed above the 50 level, and continues to move higher as the prices move higher, indicating the presence of bullish momentum in the prices

 * The key levels to watch on the upside are 5677-5701 (100 week SMA and 78.6% retracement of the fall form 3202.90-6381.90) followed by 6382 (100% retracement of the fall form 3202.90-6381.90).

* The key level to watch for on the downside are 5000 (weekly low) followed by 4740 (5 week low).

 

FDC Weekly close 326.25 (12.40%)

Observation

* The stock has been in an uptrend since October 2019. This up move has taken the prices from 158.50 to 347.

* In the week that passed by the stock tested a fresh lifetime high of 347, it ended the week at 326.25 with a gain of (12.40%)

* On the daily time frame the long term, moving averages are as followed 20 Day SMA (285), 100 DAY SMA (248), 200 DAY SMA (230). Currently the prices are placed above all the above mentioned moving averages.

* The momentum indicator RSI (71.22) plotted in the weekly time frame can be seen sustaining above the 50 mark and forming a higher high higher low pattern, indicating the presence of bullish momentum in the prices

* Going ahead the immediate resistance is placed at 350 (78.6% extension of the rise from 151- 297.80). If the prices manage to break and sustain above 350 we can expect the prices to move higher and test 381 (100% extension of the rise from 151-297.80), followed by 420 (127% extension of the rise from 151-297.80).

* On the downside immediate support is placed at 300 (Weekly low) followed by 270 (Multiple touch point level).

 

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