The short-term trend of Nifty is positive and the next upside levels to be watched are around 22,700-22,800 levels in the next few sessions. Immediate support is at 22,320, said Nagaraj Shetti, senior technical research analyst at HDFC Securities.
The daily momentum indicator has a positive crossover, which is a buy signal.
The market would be open this Saturday as part of a disaster recovery exercise in a special live trading session from 09:15 am till 10 am and again from 11:45 am to 12:40 pm.
What should traders do? Here’s what analysts said:
Osho Krishan, Angel One
It was surprising how bulls launched a scathing attack on bears and turned around the overall sentiments amid the elevated volatility index. On the level-specific front, 22,350-22,300 is likely to cushion any upcoming intra-week blips, followed by the sacrosanct support of 22,200 in the short term.
On the higher end, 22,600-22,650 remained a sturdy resistance before Nifty could claim its lifetime high of 22,800.
Om Mehra, SAMCO Securities
Nifty continued to have its ongoing strength, closing the session at 22,466.10, up by 0.28%. Despite briefly surpassing the 22,500 mark, it couldn’t sustain this level and retraced lower by the end of the session. Nifty formed a piercing line pattern on the weekly chart, suggesting a sustained ongoing trend. Immediate support is seen at 22,350, while resistance is positioned at 22,620.
Shrikant Chouhan, Kotak Securities
Uptrend continuation formation on daily and intraday charts indicate further upside from the current levels. For trend following traders now, 22,350/73,450 would act as a key support level as long as the index is trading above the same, the bullish formation is likely to continue.
On the higher side the market could move up to 22,550-22,575/74,200-74,300.
On the flip side, below 22,350/73,450 uptrend would be vulnerable. Below the same, traders may prefer to exit out from the trading positions.
Tejas Shah, Technical Research, JM Financial & BlinkX
The important key take away for Nifty is that it closed above the crucial resistance zone of 22,200-250 levels (50 Day EMA) and accordingly we believe that it is likely to test the next resistance levels of 22,500 and 22,750-800 on the higher side. Support for the Nifty is now seen at 22,350 and 22,200-250 levels. On the higher side, immediate resistance for Nifty is at 22,500 mark and the next crucial resistance zone is at 22,750-800 levels (Previous ATH).
Overall, Nifty is likely to remain volatile within the 22,200 – 22,800 range in the near term with a positive bias.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
