INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 logged solid gains on Monday and closed above the 11,080 mark, which had in the past proved to be tough resistance
A consistent rise above this level, especially if the index rises above the 11,130 mark, would pave the way for further gains in the index
A failure to hold above this level may drag the index back to 10,930 level.
The index has been moving in the 11,080-10,925 range for some
formed a small bullish candle on the daily chart.
A sustainable upward move from here on could confirm a breakout of this range
In such a scenario, one may expect Nifty to take out its January peak of 11,171, said Nagaraj Shetti of HDFC Securities.
A close above this
range may set up a fresh target at 11,241, said Mazhar Mohammad of Chartviewindia.in.
"However, the initial target can be a lifetime high
placed around the 11,171 mark, where some selling pressure can be expected, which should eventually get absorbed, and pave way for bigger
On the flip side, the swing low of 10,925 shall be a crucial support in the short term, said Gaurav Ratnaparkhi of Sharekhan.
"Going ahead,
the 11,100-11,172 range will be a key area to watch out for
If the bulls manage to surpass that hurdle and sustain in the higher territory, then the index can aim for significantly higher levels," the
expert said.
Mohammad advised traders to go for fresh long positions with a stop loss below 11,000 on a closing basis, and look for bigger
