As long as the NSE Nifty 50 index trades above its 200-day simple moving average or 23,600 yen, the rebound is likely to continue, said Amol Athawale, vice president, technical research, Kotak Securities. .
Athawale said Nifty could rise to the 24,000-24,200 level on the upside, but the trend could change if it dips below the 23,600 level.
He said that for Bank Nifty, 50,500 and 50,300 could be key support zones while 20-day SMA or 51,250 and 50-day SMA or 51,850 could be important resistance zones for short-term traders.
Rupak De, senior technical analyst at LKP Securities, said that in the short term, if the Nifty 50 index remains above 23,600 points, it will lead to meaningful gains.
“The immediate resistance level for Nifty is seen at $23,960-$24,000. A decisive move above $24,000 could trigger a rally towards $24,500. On the downside, , there is support at $23,750 and $23,550.”
Hrishikesh Yedve, assistant vice president for technical and derivatives research at Asit C. Mehta Investment Intermediates, said if the Nifty sustains above $24,050, the upside is between $24,200 and $24,300. It is said that there is a possibility that it will grow to the level of the dollar. For the time being, we need to adopt a buy-on-the-moment approach. ”
Yedve said Bank Nifty has broken the resistance level at 50,984 and is holding above it. “If the index (Bank Nifty) manages to sustain at 50,980, the rally could extend to 51,500-52,000 levels. Therefore, buy-on-the-touch approach should be utilized in the short term.”
