On Friday, the domestic benchmark indices gained for the sixth consecutive day, their longest winning streak in 2022, driven by buying in bank and auto stocks.
“During the week gone by, we were not expecting a one-sided move in the market, and we expected the rally to get arrested near the 16,450 mark. However, the bulls were unleashed during the week, and we saw a move of over 4 per cent in the Nifty spot. This was mainly on the back of positive global cues and short covering by the FIIs in the index futures,” said Mehul Kothari, AVP, Technical Research, Anand Rathi Shares & Stock Brokers.
“The price action of the recent sessions suggests no sign of weakness for the time being. However, 16,800 could be a small hurdle in the coming week since that is the previous swing high. A move above the same might extend this rally towards the 17,000-17,100 mark, which is the placement of 200 DSMA. On the other hand, the PCR for Nifty is near 1.40 and which is on the higher side, indicating a possibility of cool-off. Thus, we continue to advise traders to start booking profits in existing long positions. On the downside, 16,500-16,200 might be strong support for the coming week. Only a breach of 16200 might bring the panic back into markets,” he added.
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