Nifty: Follow-up buying could take Nifty higher: Analysts indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
“We are of the view that, 20-day SMA or 21,500/71,250 could act as a sacrosanct support level for the traders. Above the same, the pullback formation is likely to continue. Above which chances of hitting 21,720-21,760/71,900-72,100 would turn bright. However, below 20 day SMA or 21,500/71,250 the selling pressure is likely to accelerate. Below which, the market could slip till 21,400-21,355/71,000-70,800,” said Shrikant Chouhan of Kotak Securities.
Nifty on Wednesday ended 74 points higher to take support near 20-DMA and form a Bullish Piercing candlestick pattern on the daily chart, suggesting potential bullish momentum.
"We are seeing volatility across the sectors, so traders should maintain extra caution in stock selection and overnight risk management. And, we feel it is prudent to stick with index majors over midcap and smallcap counters," said Ajit Mishra, SVP - Technical Research, Religare Broking.