26 Nov , 2021 By : monika singh
A volatile November series ended in the green as bulls defended the key support of 17,350 which happened to be the 61.8% Fibonacci retracement level. However, for the entire series, Nifty declined 1.80% as bears had an upper hand.
Heading into the December series, bulls seem to have an upper hand as the index has turned upwards from oversold levels and a sustained trade beyond 17,600 will take the index higher to 17,700-17,800 level. However, a failure to break away from the immediate hurdle of 17,600 may extend the choppy sessions, dragging the index lower to 17,350-17,200 level. Technical indicator RSI has also turned upward after forming a positive divergence suggesting a short covering should play out in the coming sessions.
The stock has broken out from a consolidation range triggering resumption of uptrend. Further, the RSI indicator has also turned higher from the 40-level i.e. lower end of the bull zone, confirming strength in the stock
Affle Ltd | Buy @CMP of Rs 1,197
Target Price: Rs 1,300
Stop Loss: Rs 1,140
The stock has broken out of the neckline of a triangle pattern on good volumes suggesting bullishness. Further, RSI has also moved above the 60 – level confirming strong upside momentum.
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