The underlying pattern of Nifty continues to be constructive. A sustainable transfer above 24000-24100 ranges may pull Nifty in the direction of one other Fibonacci extension resistance of round 24380-24400 ranges within the close to time period. Fast help is positioned at 23800 ranges, mentioned Nagaraj Shetti of HDFC Securities.
Open Curiosity (OI) knowledge confirmed on the decision facet, the best OI was noticed on the 24,500 and 25,000 strike costs. On the put facet, the best OI was on the 23,800 strike worth.
What ought to merchants do? Right here’s what analysts mentioned:
Rupak De, LKP Securities
Nifty continued shifting up because the bulls took the index to a brand new all-time excessive. The index made new all-time highs for the final three consecutive classes, displaying indicators of resilience amid international sluggishness. The pattern stays constructive for the brief time period or till it breaks under 23,800. On the upper finish, the index would possibly transfer in the direction of 24,200.
Tejas Shah, JM Monetary & BlinkX
Some technical indicators are in overbought territory on the brief time period charts i.e. hourly charts that might result in knee-jerk reactions, infrequently. The brief time period shifting averages are under the worth motion and will proceed to help the indices on any decline. Help for the Nifty is now seen at 24,000 and 23,750-800 ranges. On the upper facet, fast resistance for Nifty is at 24,125 stage and the following resistance is at 24,300 stage. Total, Nifty is prone to stay unstable inside the 23,800 – 24,300 vary within the close to time period with a constructive bias.
Jatin Gedia – Technical Analysis Analyst at Sharekhan by BNP Paribas
On the each day charts, we are able to observe that Nifty has witnessed a perpendicular rally within the final 4 buying and selling classes. Right now the IT Index was one of many main contributors which helped Nifty to shut above 24,000. The fast hurdle on the upside is positioned at 24,150 – 24,200. Trailing cease loss for the longs must be stored at 23,800. Divergence is seen on the hourly charts and the market breadth has been deteriorating for the reason that final three buying and selling classes therefore warning is suggested.(Disclaimer: Suggestions, strategies, views and opinions given by the consultants are their very own. These don’t characterize the views of The Financial Instances)
