The stock market is currently undergoing a consolidation phase. Stock market experts believe that there may be volatility in the stock market for the next few days. There is a possibility of volatility in the movement of the stock market on Monday as well. Strictness is being done in many states after increasing cases of new variant of coronavirus, Omicron.
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Chandan Tapdia of Motilal Oswal said that on the weekly scale, the bullish candle is now forming a long lower shadow. Technical charts are indicating that there is a decrease in buying at higher levels and an increase in buying at lower levels. Resistance still exists at higher levels in the stock market. According to Tapadia, Nifty can see the level of 17200 and 17350 only after Fifty closes above 17000. Tapadia sees support at the level of 16900 points in Nifty.
Nifty resistance level
Gaurav Ratnaparkhi, head of technical research, Share Khan, stock brokerage firm, said, “The Nifty is now showing sell signals due to testing of the Hourly Upper Bollinger Bands and the 20-day moving average. Nifty index is now showing signs of weakness on the Delhi charts. On Friday, Nifty’s label of 17155 points has emerged as a strong resistance.
weakness in european stocks
European stock markets have registered weakness amid holiday trading on Friday. Due to the cases of coronavirus around the world, the stock market is now functioning by adopting a cautious approach.
Which stocks can rise?
According to the Momentum Indicator Moving Average Convergence Divergence or MACD, stocks of companies like Torrent Pharma, Mind Tech, CapSite Infra Project, APL Apollo Tubes and La Opala may see a rise on Monday.
Which companies have weakness in their stock?
According to the Momentum Indicator Moving Average, weakness can be recorded in the shares of companies like India Cement, Reliance Industries, Exide Industries.
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