Stay updated with breaking news from Mitesh karwa. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
With decisively surpassing previous record highs and making higher highs, higher lows formation along with healthy volumes on daily charts last week, the Nifty50 is likely to march further northward with eyeing 20,400-20,500 zone.
Given the formation of a bullish candlestick pattern for the second straight week, and staying above the downward sloping resistance trendline, the Nifty50 may sustain the upward bias amid consolidation and any dips would be a buying opportunity
"Nifty remained volatile within a narrow range as traders remained uncertain ahead of the Fed Chair's scheduled speech tomorrow (Wednesday). On the daily chart, Nifty encountered resistance at the 21EMA and closed just below it. If it manages to surpass the 21EMA, which is currently around 19,414, it could potentially head towards the 19,650-19,700 range. On the downside, support is situated at 19,300," said Rupak De, LKP Securities.
if the said level get decisively broken on the higher side, then 19,500-19,600 can't be ruled out, whereas on the lower side, 19,000-18,900 is likely to be a key support zone, experts said
Crucial support for the Nifty50 is expected to remain at 18,800, the low of the last week, as beyond this point, it may slide down to 18,600-18,500. On the higher side, the immediate hurdle will be at 19,200-19,300, followed by 19,500
In case, the Nifty50 gets broken down the support 19,480, the low of previous week, 19,300 (the low of October month) is likely get tested in coming sessions, experts said.
For a further up-move, the index needs to close above a bearish gap created on September 21 in the 19,850-19,900 zone for a move towards the 20,000 mark, whereas on the lower side, the immediate support will be at 19,600, followed by 19,500, experts said
A bullish reversal stokes hopes for further rise in the Nifty50 and, if it comes true, then 19,800-20,000 can be a possibility in the coming days, with immediate support at 19,600-19,500 and crucial support at the 19,300 levels, experts said
Overall, the index has still been in the range with 19,750-19,800 likely to act as a crucial resistance as breaking of the same can drive the Nifty50 towards 20,000 mark, whereas 19,500 is expected to be immediate support and 19,200 may be crucial support for the index, experts said