“Looking ahead, there is potential for the index to move towards 19,450 in the short term, indicating further upward movement. However, on the downside, there is support at 19,000. Overall, the market is currently exhibiting bullish characteristics, with the Nifty reaching new highs as long as it sustains above 19,000,” said Rupak De, Senior Technical Analyst at LKP Securities.
“The formation of long bull candles during an upside breakout signal resumption of sharp up trended movement in the market. The near term uptrend of Nifty remains intact and one may expect Nifty to reach up to 19,500 levels in the coming week. Immediate support is at 19,050 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Technically, a breakout continuation formation on daily charts and a long bullish candle on weekly charts support further uptrend. For bulls, 19,050 and 19,000 would act as key support zones while 19,300-19,400 would be crucial resistance areas. However, below 19,000, traders may prefer to exit from the long positions,” said Amol Athawale, Technical Analyst (DVP), Kotak Securities.
“The short term and medium-term targets for NSE Nifty 50 have been achieved and hence we are revising it upwards to 19,500 and 20,200 respectively. In terms of levels, 19,000– 19,050 shall act as a crucial support zone while 19,380 – 19,400 shall act as a crucial resistance zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“As far as Bank Nifty is concerned, the index has decisively closed above the broad trading range 44,500 – 43,500. This indicates a breakout and also suggests that the Bank Nifty could see trending moves on the upside. The daily momentum indicator has triggered a fresh positive crossover which is a buy signal. Thus, both price and momentum indicators are suggesting a further upside in the Bank Nifty. On the upside, we expect it to target levels of 45,200,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“The Bank Nifty experienced a breakthrough as it opened above its robust resistance level of 44,500. The index has been posting gains for three days in a row. The Relative Strength Index (RSI) indicates strong momentum and a bullish sentiment in the index. On the weekly chart, the index has given a downwards consolidation breakout, suggesting a rise in optimism. Therefore, the trend looks positive for the short term. Immediate support is visible at 44,500 where Put writers have added significantly in the open interest; while the 45,000 strike price has the highest open interest in calls, which suggests that Bank Nifty may encounter some resistance at that level,” said Rupak De, Senior Technical & Derivative analyst at LKP Securities.
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