The short-term uptrend standing of Nifty stays intact, however the market is more likely to discover resistance round 21,800-21,850 ranges within the coming periods. A decisive transfer solely above 21,850-21,900 ranges may open the subsequent upside goal of twenty-two,200 ranges. Any dips from right here may discover help round 21,500, mentioned Nagaraj Shetti of HDFC Securities.
What ought to merchants do? Right here’s what analysts mentioned:
Kunal Shah, Senior Technical & By-product Analyst at LKP Securities
Following a speedy rebound from its positional help at 21,500, bullish exercise has resumed available in the market, with shopping for curiosity evident throughout dips. The prevailing sentiment is bullish, however Nifty encounters preliminary resistance at 21,750, going through promoting stress. Speedy help rests at 21,600. A conclusive shut above 21,750 ranges may propel Nifty in direction of the 22,000 mark, signaling additional upward motion.
Jatin Gedia, Technical Analysis Analyst at Sharekhan
The Nifty opened gap-up nonetheless it was unable to maintain at greater ranges and witnessed intraday correction. On the way in which down it managed to carry on to the important thing hourly transferring averages positioned within the vary 21,630 – 21,650 and bounced again to shut with respectable features. Going forward, we count on Nifty to commerce inside the vary of 21,500 – 21,850 over the subsequent few buying and selling periods. A decisive break of this vary on both facet shall set the development going forward. Total, the construction continues to be in favor of the bulls nonetheless a consolidation is probably going over the subsequent few buying and selling periods.
Ajit Mishra, Religare Broking
Nifty is more likely to spend some extra time inside the 21,500-21,800 zone citing blended cues however the tone is more likely to stay optimistic. Merchants ought to thus preserve their give attention to inventory choice and danger administration. Within the absence of any main occasion, the efficiency of the worldwide indices, particularly US would stay within the focus for cues within the coming periods.
(Disclaimer: Suggestions, options, views and opinions given by the consultants are their very own. These don’t symbolize the views of The Financial Occasions)
