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NALCO formed bullish candlestick pattern on the daily charts, with strong volumes. The stock traded well above all key moving averages (20, 50, 100 and 200-day EMA - exponential moving average), which is a positive sign.
Experts feel 21,000 is expected to be key to watch in the current week, which is full of events including interim budget, and FOMC meet outcome, while on the higher side, 21,500 is likely to be key hurdle, followed by the resistance of 21,700 levels.
The levels to monitor in the Budget week are around the psychological mark of 21,000, coinciding with 50-SMA. In the case of any negative surprises, Nifty may decline towards 20,800 or even towards the bullish gap of 20,500.
Volatility will prevail in the short term and long-term investors should embrace it. Reacting to daily events is injurious for long-term portfolio and also hampers wealth creation, says Devang Mehta
Expert anticipates a strong rebound in the Nifty Bank index during the February 2024 derivative series if the 45,000–44,000 support holds.