The short-term uptrend status of Nifty remains intact, but the market is likely to find resistance around 21,800-21,850 levels in the coming sessions. A decisive move only above 21,850-21,900 levels could open the next upside target of 22,200 levels. Any dips from here could find support around 21,500, said Nagaraj Shetti of HDFC Securities.
What should traders do? Here’s what analysts said:
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
Following a rapid rebound from its positional support at 21,500, bullish activity has resumed in the market, with buying interest evident during dips. The prevailing sentiment is bullish, but Nifty encounters initial resistance at 21,750, facing selling pressure. Immediate support rests at 21,600. A conclusive close above 21,750 levels could propel Nifty towards the 22,000 mark, signaling further upward movement.
Jatin Gedia, Technical Research Analyst at Sharekhan
The Nifty opened gap-up however it was unable to sustain at higher levels and witnessed intraday correction. On the way down it managed to hold on to the key hourly moving averages placed in the range 21,630 – 21,650 and bounced back to close with decent gains. Going ahead, we expect Nifty to trade within the range of 21,500 – 21,850 over the next few trading sessions. A decisive break of this range on either side shall set the trend going ahead. Overall, the structure is still in favor of the bulls however a consolidation is likely over the next few trading sessions.
Ajit Mishra, Religare Broking
Nifty is likely to spend some more time within the 21,500-21,800 zone citing mixed cues but the tone is likely to remain positive. Traders should thus maintain their focus on stock selection and risk management. In the absence of any major event, the performance of the global indices, especially US would remain in the focus for cues in the coming sessions.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
