The market has managed to register a new high today with the Nifty at 15,773/52,378, before again correcting back to 15,750/52,330 levels. However, the trading range is not expanding, which is an indication of cautiousness at higher levels. The Bank-Nifty closed around the opening levels for the day, bringing huge volatility in tomorrow’s date.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, said, technically, 15750/15800/(52300/52400) would be major obstacles for the market and sustenance above 15,800/52,400 levels, would invite short covering in the market. Below the levels of 15,700/52,300, Nifty would fall to 15,600/52,000 or 15,550/51,850 levels.
After a positive opening, the benchmark index continued the upside move and made a new record high at 15773.45 levels on Monday's trading session. Sumeet BagadiaExecutive Director, Choice Broking, said, technically, the Index has been trading in Higher Highs and Higher Lower formation, which suggests a continued upside move in the index. Moreover, the index has been trading continuously above the Ichimoku Cloud formation, which confirms that the bullish trend may continue for the long term. A momentum indicator MACD is also trading with a positive crossover as well as above the zero lines. At present, the nifty seems to have resistance at around 15850 levels while immediate support shifted up to 15650 levels, he added.
The immediate resistance levels for Nifty 50 are 15850 and 16000 while key support levels for Nifty 50 are 15500 and 15300, said Mohit Nigam, Head-PMS, Hem Securities.