Indicators like RSI and MACD also indicated positive direction in the market. Chart readers said Nifty could now rise towards the 18,458-18,604 band in the near term while the 18,179-18,255 band could provide support.
On the derivatives front, the highest call OI was at 18,500 strike price, followed by 18,600 strike price, while on the put side, highest OI remained at 18,000 followed by 18,200 strike price.
What should traders do? Here’s what analysts said:
Manish Shah, Independent Trader and Coach
Traders need to get used to gap ups and gap downs and this makes life difficult for intra-day traders. Expect Nifty to generally remain bullish and seek a rally towards 18,600-18,650 over next week. Fireworks could be seen in the metals and IT sector. Any dip in Nifty towards 18,200-18,250 should be a buying opportunity for traders looking for a play on the long side. As long as Nifty holds above 17,900 look to be on the long side of the market.
Rupak De, Senior Technical Analyst at
The trend looks positive as long as the 18,300 level is held on a closing basis. On the higher end, it may move towards 18,600 over the near term. On the lower end, support is pegged at 18,200/18,000.
Nagaraj Shetti, Technical Research Analyst,
Securities
Nifty decisively crossed above the important resistance of previous top at 18,150 levels as per weekly time frame chart. Hence, further upside is likely from here and one may expect a new all-time high above 18,600 levels in the near term. Immediate support is placed at 18,150.
Ajit Mishra, VP – Research,
Broking
Markets have been maintaining a positive trend and recovery in the US markets is fuelling momentum at regular intervals. Since Nifty has reclaimed the 18,350 mark, we are now eyeing the record high in the index. Besides, the underperformance of the broader market is also hurting the sentiment.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
