The short-term moving averages are below the price action and should continue to support the indices on every decline. With 22,000 acting as immediate support to watch out for, the bigger area of support stands at 21,800-850. On the higher side, the crucial resistance zone is at 21,125-150 levels (ATH levels), said Rahul Sharma of BlinkX.
What should traders do? Here’s what analysts said:
Ajit Mishra, Religare Broking
We suggest maintaining a positive yet cautious stance as Nifty is set to retest its record high. Needless to say, we need sustainability above 22,150 to end the consolidation and march towards the 22,500+ zone, or else profit-taking may resume. Traders should keep a close watch on the banking index for cues while others may continue to play a supportive role on a rotational basis. Besides, the performance of the global indices, especially the US, will remain on their radar.
Rupak De, LKP Securities
A surge in buying interest for largecap stocks propelled the Nifty back above the recent consolidation level, leading to the highest-ever closing on the weekly timeframe. The Nifty has consistently closed above 21EMA for the last few days, indicating a positive trend. Momentum indicator RSI has experienced a bullish crossover following a base formation. In the short term, the index might move towards 22,200; furthermore, a move above 22,200 could potentially take the Nifty towards 22,600. Support on the lower end is placed at 22,750.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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