Technical Analysis: Nifty Hits 20,000 Target – Tuesday’s Trading Strategies
Before ending Monday’s session 176 points advanced, Nifty not only gauged a new record high but also crossed the 20,000 position for the first time ever. The corner day was marked with a long bull candle on the diurnal maps.
A sustainable move above the 20K mark is anticipated to pull Nifty towards the coming outflow resistance of around 20,450 situations(38.2 Fibonacci extension). Immediate support is placed at 19,850 situations, said Nagaraj Shetti of HDFC Securities. instigation pointers on the diurnal and hourly time frame are in sync with the price action.
What should dealers do? Then’s what judges said Jatin Gedia, Sharekhan by BNP Paribas We can anticipate the positive instigation to continue. On the downside, we anticipate the Nifty to target situations of 21000 from a short- term perspective. In terms of situations, 19865 – 19810 is the pivotal support zone while 20,200 – 20,250 shall act as an immediate chain zone. Amol Athawale, Kotak Securities request sentiment is anticipated to remain upbeat as long as the Nifty stays above the 19,900 position. On the downside, we can identify an immediate resistance zone between 20,100 and 20,200. still, 200, it could pave the way for the Nifty to advance towards the 20, If there’s a satisfying advance above 20.
Shrikant Chouhan, Head of Research( Retail), Kotak Securities On diurnal maps, the indicator has formed a bullish candle, and on intraday maps, it’s constantly forming a advanced high and advanced low series conformation, which is largely positive. For the trend- following dealers, 19,935 could act as a crucial support position, above which the indicator could move over to 20,100- 20,175. On the wise side, below 19,935, dealers may prefer to exit from long positions, and below the same, we could see a quick intraday correction till 19,850- 19,825. Disclaimer Recommendations, suggestions, views and opinions given by the experts are their own. These don’t represent the views of The Economic Times)