Before ending Mondays session 176 points higher, Nifty not only scaled a new record high but also crossed the 20,000 level for the first time ever. The milestone day was marked with a long bull candle on the daily charts.
On the hourly chart, we can observe that Nifty has reached the upper end of the rising channel and hence a consolidation is likely in the upcoming week. The range of consolidation is likely to be 19,850 – 19,670.
The overall chart pattern is indicating a larger upside breakout of a broader consolidation/triangle pattern of the last 5 weeks and this is opening a potential upside target for Nifty around 20,000-20,200 levels over the next couple of weeks, said Nagaraj Shetti of HDFC Securities.
The short-term trend of Nifty continues to be positive. One may expect further upside in the coming sessions and any dips down to the support of 19,500 is likely to be a buy-on-dips opportunity. The next upside levels to be watched are around 19,800, said Nagaraj Shetti of HDFC Securities.
Nifty is currently placed at another resistance of 19,600 levels and one may expect this to be taken out soon on the upside. The next upper levels to be watched are around 19800 and immediate support is placed at 19450 levels, said Nagaraj Shetti of HDFC Securities