Slideshow | Nifty may move towards 11,200; possibility of reversal from highs: Experts

Last week, Sensex and Nifty continued their upward momentum for the fifth straight week rising over 1 percent each backed by positive domestic data.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments | We have successfully crossed the resistance of 10,850 which was also the upper end of the rangebound markets observed in the last couple of trading sessions. We should now attempt to reach 11,000 and then 11,100. The support for this market is now at 10,600.

Chandan Taparia, Vice President-Analyst-Derivatives at Motilal Oswal Financial Services | Nifty needs to hold above 10,800 zones to witness a fresh leg of rally towards 11,000 then 11,200 zones while on the downside supports are seen at 10,750 then 10,650 levels.

Sumeet Bagadia, Executive Director at Choice Broking | At the present levels, support comes at 10,750 while resistance is seen at 11,040-11,100 levels in coming trading sessions.

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services | We would continue witnessing stock-specific action as the earnings season unfolds. Though the near-term momentum looks positive, we would advise traders to be cautious given flaring US-China trade relations, the persistent rise in coronavirus cases and implementation of fresh lockdowns in parts of the country. On the other hand, we would advise investors to continue with their defensive portfolio approach. Technically, after a consolidation seen in nine trading sessions, Nifty formed a Bullish Candle followed by a Hammer on the daily scale, which suggests strong buying interest from key support levels. It has been respecting its rising support trend line and may witness a fresh leg of rally towards 11,000-11,200 zones, while on the downside supports is seen at 10,750-10,650 levels.

Ajit Mishra, VP Research, Religare Broking | With no major event, the ongoing earnings season and global cues will continue to dictate the market trend. Besides, the progress of monsoon will also be closely watched. Markets are braving all the storms and gradually inching higher, however, the participation is largely limited to a handful of index majors. Traders should maintain extra caution in selecting stocks and prefer hedged trades.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities | In the coming week, the market will reach the minimum level of 11,050, and we expect the maximum level to be 11,200 levels. Market support has risen from 10,400 to 10,500. Bank Nifty also returned from 21,000 levels. It could hit 22,550-22,900 levels next week. Financial, Metals, Auto and Pharmaceutical companies should do a better job.

Nagaraj Shetti – Technical & Derivative Analyst, HDFC securities | The near-term uptrend of Nifty seems to have sustained after a small dip and one may expect further upside in the coming sessions. The next upside levels to be watched are around 11,250, which is an opening downside gap of March s. Immediate support is placed at 10,850. However, having stretched its uptrend above the resistance, one needs to be cautious of longs at the highs. As there is a possibility of reversal from the highs.