The index is currently placed at the edge of breaking above the immediate hurdle of 21,850 level and a decisive move above this resistance is likely to pull Nifty towards 22,000-22,100 levels in the short term. Immediate support is at 21,720 level, said Nagaraj Shetti of HDFC Securities.
Nifty held onto the support levels of 21,500, marked by the 61.8% retracement of the recent rally from 21,137 to 22,126.
What should traders do? Here’s what analysts said:
Jatin Gedia, Sharekhan
On the daily chart, we can observe that Nifty has held on to the support zone of 21,550 – 21,530 and witnessed a sustained buying interest throughout the day. On the hourly charts, the index has reached the upper end of the falling channel, which can lead to some consolidation with a positive bias. On the upside, the immediate hurdle is placed at 22,000 – 22,020 where the daily Upper Bollinger band is placed whereas now the support shifts upwards towards 21,650 – 21,670.
Rajesh Bhosale, Technical Analyst, Angel One
On the hourly chart, Nifty’s closure above 21,800 surpassing the last three session’s high resembles a price breakout. Sustained positive momentum, without significant global escalations, could lead Nifty to retest levels of 22,000 – 22,100. However, a strong upward trend would require surpassing 22,100 to initiate a fresh upside. Support levels have shifted higher, with immediate support around 21,650, and 21,500 has gained significant credibility as a support level. As previously mentioned, a sharp sell-off would only occur if these support levels are breached.
Rupak De, LKP Securities
A decisive move above 21,850 might trigger a strong rally in the market. Beyond 21,850, the Nifty could potentially move towards 22,200. Support for the near term is positioned at 21,700.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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