Mazhar Mohammed Chartviewindia.in said that it looks like Nifty 50 has registered a decisive breakout from its 32-day old descending channel, which is above its 50-day Exponential Moving Average. He added that if the index sustains above the level of 17,238, it may move higher, although the initial target remains close to 17,500.
It added, “Sold traders who are long advised to hold their horses with stops below the level of 17,230 and even a slight downside near 17,300 can be considered fresh buying. could.”
The index closed at 17,354.05, up 150.10 points or 0.87 per cent.
5paisa.com Said Nifty 50 resumed positive momentum and tested 17,400 mark.
“The banking index which recently witnessed an underperformance witnessed a good buying interest and crossed the high end of its recent consolidation. This is definitely a good sign for the bulls. An immediate hurdle for Nifty 50 is seen at 17,450 while 17,300 and 17,230 will be key support levels,” Jain said.
“Nifty has created headroom for itself. Now it is ready to test 17,600 where it faced resistance in recent days. The daily upper Bollinger band is also present near 17,600 thus making it an important level for the short term. On the other hand, the low end of the recent brief consolidation i.e. 17,150-17,100 will act as a short-term support zone,” Ratnaparkhi said.