scorecardresearchTechnical view: Nifty forms a bullish candle on weekly charts; analysts feel Nifty may touch 18,000

Technical view: Nifty forms a bullish candle on weekly charts; analysts feel Nifty may touch 18,000

Updated: 01 Apr 2022, 05:28 PM IST
TL;DR.

Nifty opened at 17,436.90 and touched intraday high and low of 17,703.70 and 17,422.70 respectively. At the end, the index closed 206 points, or 1.18 percent, higher at 17,670.45. For the week, the index jumped 3 percent higher.

As per Rupak De, Senior Technical Analyst at LKP Securities, the trend is expected to remain positive. On the higher end, the price has resistance at 17,750-17,800.

As per Rupak De, Senior Technical Analyst at LKP Securities, the trend is expected to remain positive. On the higher end, the price has resistance at 17,750-17,800.

Nifty ended the day over a percent higher on April 1 as investors cheered the improvement in some macroeconomic indicators even as global cues remained mixed.

The gross goods and services tax (GST) collections hit an all-time high in March at 1.42 lakh crore while a day ago government data showed a pick-up in industrial activity, with the eight core infrastructure sectors growing 5.8 percent in February, the fastest in four months.

Nifty opened at 17,436.90 and touched intraday high and low of 17,703.70 and 17,422.70 respectively. At the end, the index closed 206 points, or 1.18 percent, higher at 17,670.45. For the week, the index jumped 3 percent higher.

"Decline in crude oil prices and de-escalating Russia-Ukraine conflict is boosting the positive sentiments in the market. Even India VIX is now below 20 levels and is further supporting the positive momentum in the market. Bulls are now showing lot of strength with Nifty closing above key hurdles and at the highest level in 10 weeks," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Nifty50 seems to have resumed its up move as it registered a decent bullish candle on the weekly charts after a week of pause. Moreover, it is looking like a breakout above the minor consolidation zone on daily charts, Mazhar Mohammad, Founder & Chief Market Strategist, Chartviewindia.in, observed.

"The indicator setup across the frame frames is slowly tilting in favour of bulls once again. Hence, sustaining above 17,442 levels an initial logical target of 17,814 looks inevitable in the next one or two trading sessions but there is a bright chance of testing 18,000 level, somewhere in the next week. Therefore, positional traders can remain long with a stop below 17,400 and look for a target placed in the zone of 17900 – 18,000," said Mohammad.

As per Rupak De, Senior Technical Analyst at LKP Securities, the trend is expected to remain positive. On the higher end, the price has resistance at 17,750-17,800. Above 17,800, the price may move towards 18,000. On the lower end, support is visible at 17,500.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of MintGenie.

 

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First Published: 01 Apr 2022, 05:26 PM IST