Mazhar Mohammad of Chartviewindia.in said the immediate hurdle for the index is placed around 16,900 level and if the index sustains above the 16,356 level, strength may eventually expand towards the 17,027 level, which may bridge the large bearish gap placed in the 17,027-16,705 range registered on February 24.
“Contrary to this, a close below 16,356 levels shall dissipate the current bullish momentum by resuming the weakness in the index. Nevertheless, the current upward momentum should be considered only as a pullback attempt till Nifty50 manages to sustain above 17,000 level for a couple of sessions,” Mohammad said.
For the day, the index closed at 16,793.90, up 135.50 points or 0.81 per cent.
“On the higher end, the index value crossed beyond the initial resistance 16,750. The momentum may continue till 16,930-17,000, where once again, the Nifty may face selling pressure. On the lower end, support lies at 16,750-16,600,” said Rupak De, Senior Technical Analyst at LKP Securities.
Chandan Taparia of Motilal Oswal Securities said the index formed a Bullish Engulfing candle on the daily scale and needs to hold above 16,666 for an upmove towards 17,000 and 17,200 levels. “On the downside, support exists at 16,400 and 16,200 levels,” Taparia said.
