10,607.3555.65
Stock Analysis, IPO, Mutual Funds, Bonds & More

A big move above 9,100 could even stretch Nifty to 9,900-10,000

The area of 9,000-9100 could be a key overhead resistance for the next one week.

ET Bureau|
Last Updated: Mar 30, 2020, 08.39 AM IST
0Comments
Getty Images
MARKET
We observe a formation of long bull candle on the weekly chart with upper and lower shadows.
Nagaraj Shetti, Technical Analyst, HDFC Securities

Where Are We? On Friday, the Nifty formed a reasonable negative candle at the high, which indicates minor negativity or sell-on-rise pattern around 9,000 levels.

What is in Store? We observe a formation of long bull candle on the weekly chart with upper and lower shadows. This has formed after a consecutive downtrend in the last one month. Technically, this pattern indicates the much-awaited up-side bounce from 7,500 levels with volatility.

What Could Investors Do? The short-term trend of the Nifty continues to be positive. It seems to have shifted into profit-booking mode from the highs of 9,050. Hence, the area of 9,000-9100 could be a key overhead resistance for the next one week. The important bottom reversal is still not confirmed, as we need more confirmation of positive action for any upside targets for the market. However, buying on dips with a stop-loss of 7,900 could be a prudent strategy in the near term. Any sustainable upmove (after a dip) above 9,100 could even stretch up to 9,900-10,000 levels in the next one month.

(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Also Read

Bank Nifty may outperform in near term, catch up with Nifty

Share price of Siemens Ltd. as Nifty strengthens

Options strategy to play Bank Nifty

Share price of Avenue Supermarts Ltd. falls as Nifty strengthens

Share price of ACC Ltd. falls as Nifty strengthens

Share price of Marico Ltd. falls as Nifty strengthens

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service