NIFTY TECHNICAL OUTLOOK
Ahead of Market: 10 things that will decide D-Street action on Wednesday
The Nifty's upward trajectory persists, with any potential dips or consolidation presenting buying opportunities, according to the prevailing bullish pattern.
Ahead of Market: 10 things that will decide D-Street action on Tuesday
Nifty continues its upward trajectory, displaying positive chart patterns with higher tops and bottoms. According to Nagaraj Shetti of HDFC Securities, the market's bullish momentum could propel it towards the 24,400 mark in the near term, with immediate support at 23,980 levels.
Ahead of Market: 10 things that will decide D-Street action on Monday
Having moved up sharply Nifty is currently facing hurdles at the resistance of 24,000-24,100 levels. Any dip from here is likely to be a buying opportunity. Immediate support is at 23,800 levels, said Nagaraj Shetti of HDFC Securities.
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Looking ahead, market focus will shift to upcoming releases including US and Indian manufacturing Purchasing Managers' Index (PMI) data, alongside a pivotal speech from the Federal Reserve Chair. Meanwhile, attention within India remains fixed on the progress of the monsoon season, with the India Meteorological Department confirming its onset in Delhi and other parts of North India.
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The underlying trend of Nifty continues to be positive. A sustainable move above 24000-24100 levels could pull Nifty towards another Fibonacci extension resistance of around 24380-24400 levels in the near term.
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According to experts, financial and consumption stocks are currently gaining momentum due to enhanced balance sheets, robust GDP growth projections, and easing inflation. He noted that global market trends are reflecting similar patterns, with a general agreement on the likelihood of upcoming rate cuts.
Ahead of Market: 10 things that will decide D-Street action on Wednesday
The Nifty index has broken through the 23,600 resistance level after consolidating for two weeks, setting a new record high. Analysts remain optimistic, with the next target set at 24,000.
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Nifty maintains positive momentum, poised for potential breakout towards 24,000 with immediate support at 23,550, says HDFC Securities analyst. According to experts, Nifty moved above 23,700 to make a new all-time high of 23,754, showing resilience amid global sluggishness.
Ahead of Market: 10 things that will decide D-Street action on Tuesday
Rupak De, Senior Technical Analyst at LKP Securities, noted that the Nifty had slipped lower in early trades, but bulls were able to defend around the 55 EMA on the hourly chart. He indicated that the trend would remain positive for the short term as long as it remained above 23,300, where a buy-on-dips strategy might favor traders.
Tech View: Nifty may test 23,700 in short term. Here’s how to trade on Tuesday
Nifty maintains positive momentum, aiming for the 23,650-23,700 range with immediate support at 23,350, according to HDFC Securities' Nagaraj Shetti.
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Indian benchmark equity indices ended lower on Friday, once again succumbing to profit booking after hitting all-time highs, although they locked in a third straight week of gains powered by a rally in financials and the return of foreign investors.
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Bank Nifty reached a new high of 51,957 due to improved operational efficiencies, implementation of the Insolvency and Bankruptcy Code, and cautious lending practices by PSU banks. This sparked a rally in share prices, shifting the spotlight from private banks.
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Nifty struggled to hold above the day’s opening range, indicating bullish sentiments going sore on the Summer Solstice Day, observed experts.
Ahead of Market: 10 things that will decide D-Street action on Friday
Tejas Shah of JM Financial & BlinkX indicated that support for the Nifty was expected at 23,500 and the 23,300-350 range. On the upside, the immediate resistance zone was projected to be between 23,600-625 levels, with the next resistance zone anticipated at 23,750-800 levels.
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According to experts, the short-term trend of Nifty remains positive despite high volatility. After surpassing the resistance level of 22,250, the index shows a probability of moving towards the next resistance at 23,200 in the near term. Immediate support is at 22,640
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Nifty placed at the highs, but that’s not any confirmation of any significant reversal pattern building at the highs. Again, weakness below 23,300 levels could be considered as a short-term top reversal pattern.
Ahead of Market: 10 things that will decide D-Street action on Wednesday
Domestic headline indices Nifty 50 and Sensex finished at record closing highs yet again boosted by strong domestic inflows as well as a climb in global equities. For the last few days, Nifty has been moving sideways on an intraday basis, but eventually it has moved up above 23,500. MACD showed bullish trade on the counters of ABB India, Hindustan Aeronautics, Cochin Shipyards, BEML, Godfrey Phillips India, and Cummins India.
Tech View: 23,500 key support for trend-following traders. Here’s how to trade on Wednesday
As it has sustained above the hurdle of 23,515 levels, it is expected that Nifty would move towards the next resistance of 1.786% Fib extension at 23,950 levels in the near term. The immediate support is placed at 23,450.
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With its continued range-bound action within 23,300-23,500 levels, Nifty is not showing any early breakout signs on either side. A decisive move above 23,500 levels may open an upside breakout and a slide below 23,300 levels could mean a chance of downside breakout of the range movement in the near term.
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