Nifty to extend rally towards 8400-8450: Angel Broking
Nifty would then extend this rally towards 8400-8450 levels. On the other hand, 8261-8223 are likely to provide a decent support for the benchmark index, says a report by Angel Broking.
Angel Broking's Technical & Derivatives Report:
Sensex (27900)/Nifty (8289)
Our benchmark index opened higher taking positive cues from most of the Emerging Markets as the US Dollar index slipped below the 102 mark. Subsequently, we saw consolidation happening in a narrow range post the initial hour of trading.
However, the index managed to pick some buying momentum in the concluding hour to close tad below the 8300 mark. The Nifty once again failed to surpass the stiff hurdle of 8300, however, yesterday’s price action was quite encouraging as the index managed to close at the highest point of the day along with some strong momentum in the closing trades. We can now observe rising ‘5 EMA’ along with the ‘RSI-Smoothened’ oscillator on daily chart which has been moving northwards of late. We continue with our optimistic view on the market and expect a breakout beyond the immediate resistance of 8306.85.
As a result, the Nifty would then extend this rally towards 8400-8450 levels. On the other hand, 8261-8223 are likely to provide a decent support for the benchmark index.
Traders are advised to keep focusing on individual stocks with a positive bias which are likely to provide potential trading opportunities.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.