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The short-term uptrend status of Nifty remains intact. But, the overall chart pattern suggests a possibility of high volatility at the new highs. Any attempt of upmove from here could encounter strong resistance around 22,100 -22,200 levels and that could possibly result in short-term weakness from the highs.
Stocks to buy or sell before Budget 2024, Trading tips for stock market today: Ahead of the budget 2024 and the US Fed meeting outcome, the Indian stock market concluded higher on Wednesday. While the Nifty 50 index ended 203 points higher at the 21,725 level, the BSE Sensex garnered over 612 points and closed at the 71,752 mark. On the other hand, the Bank Nifty index shot up 629 points and closed at the 45,996 level.
Nifty on Friday ended 247 points higher to decisively break out of the 21,500-21,850 range on the upside.
The momentum indicator maintains a positive crossover, suggesting ongoing strength. The bullish trend is expected to persist as long as it stays above 21,350 consistently
On the hourly charts, RSI indicator saw a bearish crossover within the oversold zone, hinting at a waning bullishness in the market, analysts said.