Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan, said the index is headed towards the 16,800 level. "The level of 16,800, which was our medium-term target earlier, now becomes the short-term target and the medium-term target has been raised to 17,500. Thus, the short-term traders are recommended to hold on to their long positions and ride the trend for higher targets," he said.
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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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Last Updated: May 20, 2021, 10:20 PM IST
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Analysts said, Nifty may end up going back to a broad trading range if it doesn t end up seeing any followup buying.
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By Sabari Saran
New Delhi: The domestic equity market continued to fall for the second straight day as sharp sell-off in metals and financial counters weighed on investor sentiment. The index breached the psychologically important 15,000-mark, forming a bearish candle on the daily chart.
Analysts said, Nifty may end up going back to a broad trading range if it doesn t end up seeing any followup buying. Nifty will need to hold above the 15,000 level to witness any further bounce. Will the market regain the 15,000 level or see pain in the short term?