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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.