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New Delhi: Benchmark equity index Nifty managed to end the May F&O series at record closing highs on Thursday amid buying interest seen in cement, bank and IT counters. Though the index witnessed volatility throughout the session, it managed to eke out gains and end 36 points higher.
Nifty managed to close above the crucial resistance level of 15,335 on a closing basis, forming a Doji candle on the daily chart. Analysts said the index may face some resistance as it inches towards its lifetime high levels. Will the bulls manage to take Nifty past its all-time high levels?
Analysts said Nifty may witness further bounce if it manages to hold above this level. Can the index manage to take out the 15,300 level this week? Or will we see some more consolidation?
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NEW DELHI: Nifty had a gap up opening on Tuesday, but it failed to sustain the gains and saw a sharp selloff, ending in the red. The headline index formed a long bearish candle on the daily chart.
Manish Hathiramani, technical analyst at Deen Dayal Investments said, On the upside, there is a stiff resistance at 14,700 level and until we do not get past that, we will not enter a bullish trend. It is a tight range and traders need to be cautious in their approach.
Ajit Mishra, VP - Research at Religare Broking said, We believe volatility is likely to remain high for the markets in absence of any major positive trigger. Going forward, the updates on Covid-19 cases, vaccination and earnings announcements, especially from Nifty majors, would be key monitorables. We reiterate our cautious stance and suggest preferring hedged positions.