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Positive chart patterns like higher tops and bottoms are intact as per the daily chart, and the present upmove is in line with the new higher top formation of the pattern. The short-term uptrend of the Nifty remains intact, and the next upside levels are around 22,800 (1.618% Fibonacci projection). Immediate support is at 22,520 levels, said Nagaraj Shetti of HDFC Securities.
Though Nifty 50 is placed at the crucial hurdle of around 22,500 levels, the overall chart pattern remains positive and we are unlikely to see any sharp decline from here. Any consolidation or dip could be a buying opportunity, said Nagaraj Shetti of HDFC Securities.
Nifty Bank has regrouped after a plunge and is poised for a potential upside of up to 49,000: Anand James, Chief Market Strategist, Geojit Financial Services. Nifty chart focuses on 21800 level to test buyer strength. Negative correlation between Nifty Bank and Nifty IT evident. Rail stocks like IRFC and RVNL in limelight. Top ideas for the week: SWANENERGY and IRCTC.
Nifty hit an intraday high of 18,777.90, before eventually settling the day at 18,634.55, down 91.85 points or 0.49 per cent. The levels of 18,778-18800 shall act as an immediate hurdle for Nifty, an analyst said.
Sensex and Nifty settle at fresh highs led by rally in banks, metal stocks amid positive global cues Sensex and Nifty settle at fresh highs led by rally in banks, metal stocks amid positive global cues Stock market today: The S&P BSE Sensex climbed 380.21 points (0.81 per cent) to settle at its highest closing mark at 47,353.75. During the intraday trade, the BSE benchmark had hit a record high of 47,406.72. Likewise, the broader Nifty 50 too ended at its record closing high of 13,873.20, gaining 123.95 points (0.90 per cent). The 50-share benchmark had hit an all-time high of 13,885.30 durin...