The base of the index is shifting higher and forming higher highs over the past four sessions. It needs to hold above the 19,650 level to continue moving towards 19,850 and then 20,000. On the downside, support remains at 19,650 and 19,515, according to Chandan Taparia of Motilal Oswal.
India VIX increased by 3.49% from 11.31 to 11.71 levels. This slight spike in volatility provided momentum for the indices to reach lifetime high levels.
Options data suggests a trading range between 19,400 and 20,000, with an immediate range between 19,550 and 19,900.
What should traders do? Here’s what analysts said:
Jatin Gedia – Technical Research Analyst at Sharekhan
Considering the significant increase, there may be some consolidation. However, the overall trend is positive and any dip should be seen as a buying opportunity. The short-term target on the upside is set at 19,900. In terms of levels, 19,630 – 19,580 is a crucial support zone, while 19,880 – 19,900 is an immediate hurdle zone.
Rajesh Bhosale, Technical Analyst at Angel One
Considering the overall bullish sentiment and overbought conditions, we may experience more subdued trading days. In this scenario, it is recommended to focus on intraday dips and be careful with locking in small profits at higher levels. Immediate support is seen in the zone of 19,680 – 19,600, with stronger support expected around 19,500. On the upside, the immediate hurdle lies in the range of 19,850 – 19,900 before Nifty reaches the anticipated 20,000 level. It is advisable to adopt a stock-centric approach, but caution and selectiveness are crucial when making trading decisions.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The near-term trend of Nifty remains positive and any consolidation from here could present a buying opportunity. Immediate support is placed at 19,550-19,600 levels, and the upper range of 19,800-19,850 could act as a short-term resistance.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)