The next important resistances are placed at 12,250 and 12,430 levels, which could offer key resistance for the market on the higher side, says Nagaraj Shetti of HDFC Securities.
Any dip down to 11,800-11,750 is going to be a buy-on-dips opportunity in the market for the next few sessions, says Nagaraj Shetti of HDFC Securities.
The next important resistance is placed at 11,930-11,950 levels, which is an upper area of the recent consolidation, Nagaraj Shetti of HDFC Securities said.
According to pivot charts, the key support levels for the Nifty is placed at 11,575.83, followed by 11,482.47.
Nifty declined 2.4 percent for the week, forming a long bear candle on the weekly chart and placing at the edge of moving below the significant trend line support at 11,600 levels, as per change in polarity.
According to pivot charts, the key support levels for the Nifty is placed at 11,603.47, followed by 11,536.13.
According to pivot charts, the key support levels for the Nifty is placed at 11,633.13, followed by 11,536.67.
According to pivot charts, the key support levels for the Nifty is placed at 11,775.27, followed by 11,661.13.
The short-term trend of Nifty seems to have reversed from the highs, but the near-term trend status of the market remains range-bound around 12,000-11,650 levels, says Nagaraj Shetti of HDFC Securities.
The upper area of 12,025 has been acting as a key overhead resistance in the last couple of weeks and this hurdle could be tested again in the coming week, Nagaraj Shetti of HDFC Securities says.
Overall price and data setup suggests bounce but multiple hurdles and supply pressure at higher zones could restrict its upside momentum with higher volatility, says Chandan Taparia of Motilal Oswal.
Failure of the Nifty to head to 12,050 could lead to another drop to 11,750 levels, says Shrikant Chouhan of Kotak Securities
Any minor decline/consolidation could be a buy on dips opportunity for the short term, Nagaraj Shetti of HDFC Securities said
According to pivot charts, the key support level for the Nifty is placed at 11,690.27, followed by 11,618.03.
Key support level for the Nifty is placed at 11,552.57, followed by 11,424.83. If the index moves up, the key resistance levels to watch out for are 11,916.77 and 12,153.23.
The important pivot level for Bank Nifty, which will act as crucial support for the index, is placed at 23,361.83, followed by 22,848.97. The Bank Nifty outperformed frontline indices. Here's how to maximise your gains on Thursday.
According to pivot charts, the key support levels for the Nifty is placed at 11,886.2 followed by 11,837.9
Though Nifty stretched its uptrend for the eighth consecutive session on Monday, there is no confirmation of any reversal pattern at the highs, says Nagaraj Shetti of HDFC Securities.
The upside target to be watched for the coming week is 12,250, while immediate support is placed at 11,800, Nagaraj Shetti of HDFC Securities said.
Any weakness in the next session is expected to open profit booking in the market from the highs, Nagaraj Shetti of HDFC Securities says.
The upper hurdle of 11,800 could be taken out soon, Nagaraj Shetti of HDFC Securities said
According to pivot charts, if the Nifty50 moves up, the key resistance levels to watch out for are 11,707.03 and 11,751.67.
The texture of charts clearly shows that the short-term trend is still up but a strong possibility of intraday correction cannot be ruled out if the index trades below 11,450, says Shrikant Chouhan of Kotak Securities.
According to pivot charts, if the Nifty50 moves up, the key resistance levels to watch out for are 11,448.07 and 11,479.13.
Sahaj Agrawal of Kotak Securities expects rangebound movement to continue before the market makes a strong directional move.