Nifty, as per long-term charts (like weekly), is in an uptrend and additional consolidation from right here may supply a buy-on-dip alternative. Rapid help is to be watched at 24,550 and the overhead resistance is positioned at 24,800, stated Nagaraj Shetti of HDFC Securities.
Within the open curiosity (OI) knowledge, the very best OI on the decision aspect was noticed at 24,700 and 24,800 strike costs, whereas on the put aspect, the very best OI was at 24,500 strike worth adopted by 24,600.
What ought to merchants do? Right here’s what analysts stated:
Jatin Gedia, SharekhanOn the every day charts, we will observe that after the sharp up transfer within the earlier session the Nifty consolidated inside a slim vary. We imagine that this can be a temporary pause within the general uptrend. On the upside, the short-term goal is positioned at 25,125 whereas essential help is positioned at 24,550 – 24,500. Dips in the direction of the help zone must be thought-about as a shopping for alternative.
Rupak De, LKP Securities
Nifty remained range-bound throughout the session, buying and selling throughout the bands of 24,600 and 24,800. The sentiment stays optimistic for the quick time period because the index sustains above the vital shifting common on the every day timeframe. On the upper finish, the index could proceed its upward motion in the direction of 25,000 and past within the quick time period. On the decrease finish, essential help is positioned at 24,500.
Hrishikesh Yedve, Asit C. Mehta Funding Interrmediates
Technically, the index has shaped a small purple candle on the every day chart, indicating revenue reserving. Nevertheless, the index maintains above the 100-Day Exponential Shifting Common (100-DEMA) help, which is close to 24,360. So long as the index holds above it, merchants are suggested to undertake a buy-on-dips technique. On the upper aspect, 24,860 will act as an instantaneous hurdle for the index adopted by 25,000 within the quick time period.
Praveen Dwarakanath, Hedged.in
Nifty continues to consolidate within the 24,200 – 24,800 degree, a break of which may additional resolve the value motion. Rapid resistance for the index is on the 25,200 degree, and help is on the 24,200 degree. The index has shaped an insider candle, indicating a range-bound transfer within the coming days. Nevertheless, the momentum indicators on the every day chart proceed to slope upside, indicating bullishness within the index.
(Disclaimer: Suggestions, options, views and opinions given by the consultants are their very own. These don’t symbolize the views of Financial Occasions)
