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Nifty still has some upside potential to move towards 22,200-22,400, but this could be the final stage of the rally, after which we could see strong profit-taking in the market.
Sonam Srivastava says 2024 holds the potential for being a moderately positive year for the Indian equity markets.
The Nifty has just broken out from the flag pattern, and may further accelerate towards 22,118 levels. As long as it is above 21,580, buying on dips can be a prudent strategy.
Looking forward, the immediate resistance for Nifty is identified at the record high level of 21,834, with an additional resistance level at 22,000. On the downside, crucial support levels are recognized at 21,330 and 20,975.
Engineers India formed robust bullish candlestick pattern on the daily timeframe with significantly higher volumes. The rally of 10 percent was after 5-6 days of consolidation and now the stock traded above all key moving averages.