nifty50: Tech View: Nifty forms a long bull candle. What should traders do on Friday

NEW DELHI: Indicating the presence of robust upside momentum available in the market with none cheap draw back correction, an extended bull candle was shaped on the each day chart. The market is in a pointy up-trended motion and resistances are being taken out on the upside one after one other, stated Nagaraj Shetti of HDFC Securities.

“Nifty is now positioned to witness a pointy upside breakout of the essential resistance zone of round 18,200-18,300 ranges. Therefore a decisive transfer above this space might open the following upside targets of round 18,600-18,700 ranges within the close to time period. Fast help is positioned at 18,150-18,100 ranges, he stated.

What ought to merchants do? Right here’s what analysts stated:

Rohan Patil, Technical Analyst, SAMCO Securities
We’ll nonetheless take into account shopping for the index on each dip because the development is our buddy and presently the development is on the upper aspect. The help for Nifty is positioned at round 18,050 – 18,000 ranges and resistance is capped at 18,400 – 18,450 ranges. In case Nifty breaches under 18,000 ranges, then 17,800 would be the subsequent help zone.

Rupak De, Senior Technical Analyst at LKP Securities
The present uptrend may stay in power so long as it sustains above 18,200. On the upper finish, the rally may prolong in direction of 18,500.

Shrikant Chouhan, Head of Fairness Analysis (Retail), Kotak Securities
The index has additionally shaped an extended bullish candle, which helps an extra uptrend from the present ranges. So long as the index is above 18150, the uptrend wave is more likely to proceed as much as 18,350-18,400.

(Disclaimer: Suggestions, solutions, views and opinions given by the consultants are their very own. These don’t signify the views of Financial Instances)