“Nifty is now placed to witness a sharp upside breakout of the crucial resistance zone of around 18,200-18,300 levels. Hence a decisive move above this area could open the next upside targets of around 18,600-18,700 levels in the near term. Immediate support is placed at 18,150-18,100 levels, he said.
What should traders do? Here’s what analysts said:
Rohan Patil, Technical Analyst, SAMCO Securities
We will still consider buying the index on every dip as the trend is our friend and presently the trend is on the higher side. The support for Nifty is placed at around 18,050 – 18,000 levels and resistance is capped at 18,400 – 18,450 levels. In case Nifty breaches below 18,000 levels, then 17,800 will be the next support zone.
Rupak De, Senior Technical Analyst at LKP Securities
The current uptrend might remain in force as long as it sustains above 18,200. On the higher end, the rally might extend towards 18,500.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
The index has also formed a long bullish candle, which supports a further uptrend from the current levels. As long as the index is above 18150, the uptrend wave is likely to continue up to 18,350-18,400.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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