NSE Nifty: Sharekhan says that the overall outlook remains positive with short-term target at 14600
The NSE Nifty witnessed a volatile session on Wednesday. The index opened on a positive note but couldn’t build upon the early gains. On the contrary, it faced selling pressure and tumbled sharply as the day progressed. On the downside, selling pressure was absorbed near the junction of 40-hour exponential moving average and the hourly lower Bollinger Band. Thereon the Nifty recovered to some extent. The overall structure shows that the index is taking a brief pause, which can continue for the next couple of sessions. Nevertheless, Sharekhan says that the overall outlook remains positive with a short-term target at 14600. On the downside, 14000-13950 will act as a near-term support zone.
The momentum indicator is bullish on the daily chart. On the hourly chart, the Nifty is above the 20-hour moving average (HMA) and the 40-HEMA, i.e. 14137 and 14061, respectively: Reuters