Nifty closed above the crucial 17,800 levels which has strengthened stock market sentiments.
The next target for Nifty is expected to be around 18,200 level with 17650-17700 zone as the important near-term support zone.
Bank Nifty recovered strongly to close above the 42,800 zone indicating strong sentiment with improved bias and scope for further upward move. The near-term targets for Bank Nifty are 43700-43800 levels.
Support for Nifty today is placed at 17,700 levels while the resistance is seen at 18,000 levels. Bank Nifty would have the daily range of 42500-43400 levels.
On the daily chart, 17000-16800 has acted as a support for the second time in the last few days.
The momentum is expected to continue towards the ‘20EMA’ first which is at 17300 and then towards 17420 and 17470.
Short term traders are advised to trade with a positive bias and look for buy opportunities on intraday dips.
In conclusion,
The Indian stock market sentiments have been strengthened with Nifty closing above crucial levels of 17,800 and Bank Nifty showing a strong recovery. The near-term targets for both indices are expected to be reached soon. Short term traders are advised to trade with a positive bias and look for buy opportunities on intraday dips. Overall, the momentum in the market is expected to continue with broad market participation across all sectoral indices.
Commentaires