The near-term uptrend status of Nifty remains intact. A sustainable up move above 19,900 could pull Nifty towards all-time highs and a decisive move below 19600 is likely to open a near-term downward correction for the market, said Nagaraj Shetti of HDFC Securities.
The market would remain shut on account of Gurunanak Jayanti on Monday and trading would resume on Tuesday.
What should traders do? Here’s what analysts said:
Jatin Gedia, Sharekhan
On the daily charts, we can observe that the consolidation between 19,620 – 19,875 has been going on for the past seven trading sessions. The daily momentum indicator has a positive crossover and thus this consolidation should be used as a buying opportunity. On the downside, until the zone of 19,630 – 19,600 is held we can expect the upside momentum to resume over the next few trading sessions which can take the Nifty towards the 19,900 – 19,930 zone.
Rupak De, LKP Securities
Nifty has encountered difficulty surpassing the resistance range of 19,850-19,900. On the downside, 19,700 has held as a near-term support level. As long as there’s no breakout, the index is expected to continue moving sideways. A decline below 19,700 could potentially trigger a market correction. Conversely, a clear move above 19900 might prompt a significant rally, potentially driving the index toward a new all-time high.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
