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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 beaten-down sectors.
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.