NEW DELHI: Nifty50 climbed for the fourth straight session on Thursday and breached its immediate resistance at 12,120 on the closing basis, which was also the 61.8 per cent Fibonacci level for the index, as the bulls further tightened their grip on the market.Momentum indicator MACD was close to giving a bullish crossover on the daily scale.
The RSI indicator, on the other hand, continued its northward journey of the past couple of days.At the current juncture, supports are gradually shifting higher.
Till the time, Nifty holds above 12,050, we can expect optimism to continue towards 12,200 and then 12,250 levels, said Chandan Taparia of Motilal Oswal Securities.At close, the index closed at 12,133, up 44.50 points or 0.37 per cent.Aditya Agarwala of YES Securities said a sustained trade above 12,160 will extend the gains to 12,250-12,300 levels.The index has closed above the 61.8 per cent Fibonacci level taken from all-time high of 12,400 to the Budget day low of 11,610, suggesting bull strength dominant at the moment.
But, trade below 12,080 will halt the up-move, dragging the index towards 12,050-12,000 levels, Agarwala said.Rohit Singre of LKP Securities advised investors to buy on dips.
He sees Nifty support in the 12,030-11,970 range and resistance in the 12,140-12,200 zone.