Thread by @mystockedge

Where is Nifty 50 headed? Which sectors will outperform? Which stocks to buy?

A complete thread on the Market outlook and Stocks2Watch for the upcoming week.
(4th July -8th July) (🧵)

#Stocks2Watch #Elearnmarkets #StockEdge #StockEdgeSocial

We have divided the thread into:

-Macroeconomic Factors

-View on Nifty & Banknifty

-Strong & Weak Sectors

-Stocks2Watch

1. Macroeconomic Factors:

Dollar Index trading above $105 levels is a concerning factor for our Indian equity markets.

Crude Oil is consolidating in levels of $108 also a major factor affecting our markets.

INDIA VIX is oscillating between 20-22 levels.

2. View on Nifty 50 (R=15900,16180; S=15700,15400)

Hammer candlestick formation on (D) charts, possible upside potential exists.

On the upside closing above 15900, 16180 will be the immediate resistance.

On the downside if breaks below 15700, the next support level will be 15400

View on Bank Nifty (R=33700, 34140, 34370; S=32870, 32460)

Bank Nifty is in a range bound movement & trading below its moving averages.

Technical indicators are neutrally placed, no sign of either bullishness or bearishness.

3. Strong & Weak Sectors:

Auto sector was the best performer last week, so was the Capital Goods Sectors.

Metal sector has been the weakest, so be cautious.

4. #Stocks2Watch:

To find out strong stocks which are showing strength, we did a combination scan on StockEdge. The criteria was as follows:

You can also make your own combination scan to find out strong or weak stocks in the market.

Click here: sedg.in/tk8x75vh

#MHRIL (R=236,250; S=220, 211)

A Doji candle formation on (W) charts, thereafter a strong bullish candle suggesting strength in the stock.

On (D) charts a bullish engulfing pattern formed with significant high volume.

Technical indicators like MACD, RS & RSI all suggest bullishness in the stock.

EASEMYTRIP (R=438; S=385,373)

Plotting Volume profile on (D) charts, we get 406 as an important level, closing above this level a strong momentum on the upside is possible.

Trading above its moving averages, also shows the momentum is quite bullish.

HEROMOTOCO (R=2807, 2882; S= 2680, 2550)

The stock is trading above its SMAs as well as 200 DMA, showing strong momentum on the upside.

RS> 0, shows it is outperforming the markets. RSI is also rising.

MACD is in the positive zone, indicating a buy signal.

To get more stocks ideas, you can subscribe to StockEdge Premium, where we have more than 100+ built-in sacns: sedg.in/lgbn2rfp

5. Watch the complete analysis #Stocks2Watch and a step by step approach to how a retail market participant should analyse the markets.

Tap to watch 👉