The index must break through the 24,600-24,620 resistance level to trigger fresh bullish momentum. Until then, investors should consider buying on dips in the Nifty, with support near 24,170, Hrishikesh Yedve of Asit C Mehta said.
What should traders do? Here’s what analysts said:
Tejas Shah, Technical Research, JM Financial & BlinkX
Bulls are in full control of the market at the current juncture and are using every intraday correction to create long positions. The price action has sustained well above the moving averages in the last few days, which is an indication of steadiness. Support for Nifty is now seen at 24,350 and 24,150-200 levels. On the higher side, the immediate resistance zone is at 24,500-550 levels and the next resistance zone is at 24,750-800 levels.
Rajesh Bhosale, Angel One
Nifty has given a consolidation breakout on the daily chart, driven by a strong technical breakout in IT giants. The sentiment looks positive from here, as the indicators and popular overlays indicate a continuation of strength. Support is visible at 24,400, where significant short buildup has been seen by the put writers. The buy-on-dips strategy should favor the street until Nifty falls below 24,400. On the higher end, the current rally might extend towards 24,800.Om Mehra, SAMCO Securities
Nifty retraced from the 1.618% Fibonacci retracement level at 24,610, a breakthrough which could propel further gains. Both RSI and MACD indicators are currently positive. Immediate support has shifted upwards to 24,300. The market remains bullish, implying a ‘buy on dip’ strategy in the coming trading sessions.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)