Page 12 - Sameet Chavan News Today

The psychological mark of 20,000 that was just missed last week remains an immediate hurdle, followed by the golden retracement target of 20,100 – 20,200

Nifty traded higher with positive contributions from Infosys, TCS, ICICI Bank, HCL Tech and Tech Mahindra. Nifty was up by 57 points or 0.30 percent at 19,471.55, while Bank Nifty traded higher at 44,676.50, up by 11.45 points or 0.026 percent.

The Nifty is likely to continue its march upwards amid consolidation with hurdle at 19,500-19,600 levels, whereas the near term support is expected to be 19,300-19,200 levels, followed by crucial support at 19,000, experts said

Traders said it is advisable to not become complacent and to focus on risk management.

Analysts have noted that given the recent strong surge, indicators are entering an overbought territory, and prices are significantly deviating from the 5-day exponential moving average (EMA), indicating the possibility of occasional dips or sideways consolidation in the short term.

Bullish traders accumulated long positions in Bajaj Finance, PNB, Bajaj Finserv, Federal Bank, Cholamandalam Invt and Finance, Canara bank. Buy on dips remains key strategy recommended by analysts.

The benchmark Nifty is likely to march towards 19,300-19,500 levels in coming days, as long as it holds the 19,000 mark, which is an immediate support, then 18,800 levels, experts said

In the following week, several factors are in place that are likely to decide the trajectory for markets. These include key macroeconomic data points in India and across major developed economies, and a lot of corporate news developments.

The Nifty has reached a fresh lifetime high above the 19,000 level, forming a long bull candle on the daily chart. The positive chart pattern indicates a higher top formation, but the higher top reversal has not been confirmed. The support levels are at 18,888 and 18,777, while resistance levels are at 19,200 and 19,250. Volatility is holding below 11, supporting bullish sentiment. Option data suggests a trading range between 18,600 and 19,300. Traders are advised to stay upbeat and focus on bea...

Weekly option data shows 18700 has seen fresh creation of straddle at 19700, which is a neutral strategy. Thai signals that traders are not expecting the market to move much beyond this level in either direction.