Technical View: Nifty hits record high, inches closer to 22,700; likely to consolidate within range

Nifty Hits Record High

Market touched new milestones at the start of the week, with the Nifty 50 index inching closer to 22,700 on April 8 amid positive global cues and buying across the sectors.

After a flat close in the previous session, the Nifty50 started Monday’s session around 22,600 and extended gains as the day progress and touched new life-time high of 22,697.30, intraday. But profit booking at higher levels erased some of the gains.

The index closed 152.60 points or 0.68 percent higher at 22,666.30, from the previous close, forming bullish candle on the daily chart.

"Nifty maintained its strength by staying above 22500 throughout the day. Additionally, it exceeded the previous all-time high of 22,619. However, the index has reached near the upper band of the rising wedge, which might act as resistance in the short term," said Rupak De, Senior Technical Analyst, LKP Securities.

"Over the short term, the index might consolidate within a range. On the lower end, support is placed at 22500, below which the index might fall back into consolidation," he added.

Nifty Bank index also zoomed to fresh high of 48,716.95 but closed with minor gain of 0.18 percent at 48,581.70, erasing 135 points from day's high.