As the trend remains strong, the index is likely to climb above the 23,000 mark, and if it manages to sustain above the said level, then 23,500 can t be ruled out in the coming sessions, experts said. The support is placed at 22,800 and then 22,600 levels.
The market has reached near the crucial resistance of 23,000 on the Nifty 50, and it needs to give a strong close above the same for further upward journey from hereon.
Indian market witnessed profit-taking on Friday tracking muted global cues. The S&P BSE Sensex plunged more than 700 points while the Nifty50 closed below 22,500 levels.
Shares fell on Tuesday, dragged by high-weightage financials and information technology stocks and as consolidation continued in the holiday-truncated last week of the financial year.
The S&P BSE Sensex rose nearly 200 points on Friday while the Nifty50 closed just a shade below 22,100 levels. Sectorally, buying was seen in telecom, realty, auto, healthcare, and capital goods while IT stocks saw some selling pressure.