Slideshow | Nifty has to hold 10,500 for further upmove: Experts
Last week, BSE Sensex gained 850.15 points (2.4 percent) to close at 36,021.42, while the Nifty50 rose 224.4 points (2.16 percent) to end at 10,607.4 levels.
Last week, the market continued the winning momentum for the third consecutive week. The 30-share BSE Sensex advanced 850.15 points or 2.41 percent. Here's what analysts have to say about this week.
2/8
Rohit Singre, Senior Technical Analyst at LKP Securities | Nifty has good resistance near 10,700-10,800 zone and one can use these levels to book profit on every rise. Good support has shifted to 10,500-10,400 zone, so til the market holding above these levels we may see an upmove and one can use buy on dip strategy around these levels. Nifty Bank closed a week again below 22k mark at 21,852 with gains of 1.21 percent. Support for Nifty Bank is coming near 21,500-21,200 zone and resistance is near 22,300-22,500 zone.
3/8
Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services | Nifty continued the formation of higher lows on the weekly. Supports are now gradually shifting higher which suggests overall bullish stance in the market. Now, it has to continue to hold above 10,500 zones to extend its move towards 10,800 zones, while on the downside support is seen at 10,450 then 10,333 levels.
4/8
Sumeet Bagadia, Executive Director at Choice Broking | On the daily chart, the Nifty has been trading above its 50-day moving average which is a good sign; based on which we may see a good move in the upcoming trading session. At the present level, downside support comes at 10,450, while upside resistance comes at 10,750 level.
Ajit Mishra, VP Research, Religare Broking | This week, participants will be eyeing key macro indicators like IIP data, CPI and WPI inflation. Besides, the progress of monsoon and developments on the COVID-19 front will also be in focus. We expect Nifty to take a breather around 10,750 level, after the three successive weeks of advances. Though the benchmark is inching higher gradually, the underperformance of the banking pack is still a major concern. We advise keeping a close watch on the banking index for the sustainability of the prevailing upmove. Meanwhile, traders should maintain their focus on stock selection and risk management.
6/8
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | Despite the near term momentum being positive, traders should look at booking profits at regular intervals. Technically, Nifty has to hold above 10,500 to extend its move towards 10,800 while the support is placed at 10,450-10,330 levels.
7/8
Nagaraj Shetti, Technical Research Analyst, HDFC Securities | The short term trend of Nifty continues to be positive. The choppy movement at the upside could continue in the early part of next week. The overhead resistance of 10,650-10,700 is expected to weigh high for Nifty this week. Hence, minor profit booking from the highs is likely. A sustainable move only above 10,700 could open up next upside targets of 11,000-11,200 in the next couple of weeks.
8/8
Shabbir Kayyumi, Head of Technical Research at Narnolia Financial Advisors | The key target for the current rally is 10,900 where 200-DMA stands and thereafter 11,200 that is the target as per breakout from Cup and Handle larger degree pattern. In the very short term as the majority of the momentum indicators are trading in the overbought zone, the possibility of small retracement towards 10,300 levels cannot be ignored.
