Nifty’s momentum remains bullish, say analysts

Mumbai, Mar 4 (IANS): The Nifty commenced the week with a consolidated move on Monday, resulting in the formation of a Doji candle on the daily chart.

Despite this, the overall sentiment remained bullish, said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.

The Nifty closed at 22,405.60 on Monday, up 27 points, or 0.12 per cent, while the Sensex settled at 73,872.29, up 66 points, or 0.09 per cent.

A decisive break above 22,440 for Nifty is anticipated to intensify the momentum, targeting 22,700 on the upside. On the downside, support is established at 22,200, presenting buying opportunities on any pullbacks towards this level, he said.

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said the Bank Nifty index demonstrated resilience by maintaining strength and holding above the crucial support level of 47,000, where substantial open interest is concentrated on the put side.

The index remains in a buy mode, with a potential to surpass its all-time high levels in the near term. Immediate resistance is positioned at 47,500, and a breakthrough above this level is anticipated to accelerate the momentum towards new lifetime highs, Shah said.



Top Stories

Leave a Comment

Title: Nifty’s momentum remains bullish, say analysts

You have 2000 characters left.


Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will be held responsible.