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The upside recovery of Wednesday from the immediate supports signals chances of further upside for the Nifty in the short term. There is a higher possibility of Nifty moving again into all-time highs of 21040+ levels in the near term. Immediate support is placed at 20770, said Nagaraj Shetti of HDFC Securities.
The hourly momentum indicator has reached the equilibrium line and is now on the verge of giving a positive crossover indicating that it can start a new cycle on the upside.
What should traders do? Here’s what analysts said:Kunal Shah, LKP SecuritiesAfter a brief dip, the bulls demonstrated strength by defending the crucial support level of 20800. The index witnessed a sharp recovery from the day’s low to the high point. The overall market sentiment remains bullish, and considering the current levels, traders are advised to initiate fresh long positions. A stop-loss can be set at 20800, targeting potential upside levels of 21400/21500 in the near term.
Jatin Gedia, SharekhanOn the upside immediate hurdle is placed at 21000 – 21050 however once it closes above that it can witness a quick surge to 21202 – 21447. On the downside, today’s low of 20770 is a crucial support from a short-term perspective.Avdhut Bagkar, StoxBoxThe index generated modest buying interest from the day’s low of 20769 that bolstered for a relatively stronger intraday technical pullback and closed in the red, however, in the upper quartile of the trading range. The market breadth remained encouraging as 33 of Nifty50 stocks advanced.
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