Technical and derivative analysts expect Nifty to find support at 15,600 levels after a second consecutive weekly loss. Nifty fell 0.2% last week to close at 15,689.8 but outperformed regional peers barring Indonesia and Singapore. Corporate earnings and any global volatility over surge in Covid cases is likely to keep investors on edge. Analysts expect Nifty to face resistance near 15,900.
Dharmesh Shah, Head - Technicals, ICICI Securities
Where is Nifty headed?
Nifty is approaching maturity of price/time-wise correction as it retraced its May 2021 rally by just 38% over past 4 weeks, indicating robust price structure. Time-wise, it is expected to maintain rhythm of not correcting for over 3
Technical and derivative analysts see a high chance of the Nifty hitting 16,000 this week with support from banking and metal stocks. The index is less than 1% away from the milestone. Despite weakness in RIL shares, the index gained 1.1% last week to end at 15,860.35, logging its fifth weekly gain in last six weeks. They see strong support for the index at 15,550-15,600 zone.
Siddarth Bhambre, Director - Alternative Investments and Research, InCred Equities
Will the Nifty hit 16,000 this week?
Historically, after consolidation the primary trend resumes, which is upwards. Heavyweight stocks’ movement and stronger-hand activity suggest positive bias in the Nifty may continue for some more time with strong support around 15,550-15,600 levels.
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