Nifty All-Time High: With Nifty50 already breaching the crucial level of 18200 on Monday’s closing, analysts expect that going forward the benchmark index may continue its gaining streak on the back of good technical support and touch an all-time high level of 18600.

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Despite global hiccups, in the last week, Nifty continued its northward journey for the third consecutive week. The benchmark has given its highest weekly closing since January 2022, according to analysts.

Amid this upside rally last week, Nifty has given a horizontal trendline resistance breakout, analysts at SBI Securities said, adding that it has formed a sizeable bullish candle on a weekly scale, which has added strength to the breakout.

Similarly, analysts at Angle One also expects that if there is no aberration globally, Nifty is good to go towards 18250 – 18350 first and then a march towards previous highs 18600, which looks very much on the cards in the ongoing calendar year.

As far as supports are concerned, 18000 followed by 17900 should be treated as a sacrosanct zone and any intra-week decline would provide opportunities to create fresh longs, analysts at Angel One noted.

“The momentum indicators and oscillators are also supporting the overall bullish chart structure. The weekly RSI has surged above 60-mark. Also, it has managed to surge above its prior swing high. The +Di is above -DI on both weekly and daily scale,” analysts at SBI Securities pointed out.

Further, the daily and weekly MACD (Moving Average Convergence/Divergence) stays bullish as it is trading above its zero line and signal line and the MACD histogram is suggesting pickup in upside momentum, SBI Securities further mentioned.

These technical factors are indicating that Nifty is set to aim for an all-time high level in the short-term, it added. “Talking about levels, the 18000-17950 zone is likely to provide a cushion to the market in case of any immediate decline. Till this support zone holds, the index may test the 18400-18450 level on the upside.”

Advising traders, analysts at Angel One said, “Traders are advised to continue with an optimistic approach and now, with other sectors chipping in, we expect a good broad-based buying going forward a week.”

On the contrary, HDFC Securities pointed out that with the sharp rally seen in the Nifty over the last few weeks, there may be open to minor corrections and consolidations over the next few weeks.

“It is important that on any corrections the recent lows of 17637 hold. Else, the short-term uptrend could get into trouble. Our immediate upside Nifty targets for the coming month are at 18115- 18351,” the brokerage added in its Nifty technical report.