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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?
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NEW DELHI: Nifty breached the 13,900 levels and touched its lifetime on Tuesday forming an indecisive candle on the daily chart as the index settled higher, riding the rally in bank and IT stocks amid strong global cues. The index continued its rally to the fifth consecutive session.
Aditya Agarwala, senior technical analyst - institutional equities, YES Securities said A sustained trade above 13,950-13,975 will extend the gains, taking the 50-pack higher to the levels of 14,050-14,150, which happens to be the upper end of a crucial rising channel formed, joining major highs and lows post the March selloff. He sees support for the index at 13,850.
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NEW DELHI: Nifty ended above the 13,550 level on Monday but formed a Doji candle on the daily chart, hinting indecision in the markets.
Rohit Singre of
LKP Securities said, the Nifty has formed a good base near 13,500-13,440 zone. We may see bullish momentum to continue towards immediate hurdle zone of 13,600-13,650 zone. Below 13,400 zone we may see some immediate trend reversal. Support for Nifty Bank is coming near 30,500-30,200 zone and resistance is coming near 31,000-31,200 zone, he said.
Vinod Nair of
Geojit Financial Services said, the domestic market is expected to gain its momentum from the global market, due to an eventful week ahead with Britain and the EU moving for a no-deal Brexit and the US markets awaiting the outcome of the Fed meeting.