NEW DELHI: Nifty50 on Friday closed above the 18,100 mark, ending a three-day losing streak. The index formed a bullish candle on both the daily and weekly charts, but the weekly chart registered a long lower wick, reflecting a smart rebound in the market. Analysts said with the 18,100 level achieved on a closing basis, the index can attempt to move towards its all-time highs.
Nifty50 erased the preceding three trading sessions’ losses in just one single stroke, said Mazhar Mohammad of Chartviewindia.in, who noted that such a faster retracement of a downswing acts as an indication for resumption of the upswing, which can be in progress from the lows of 17,613.
“Sustaining above the 17,900 level, Nifty should ideally head to test its interim top of 18,342 levels, though logical targets are present around 18,405. Traders can initiate fresh longs with a stop below 17,900 levels on a closing basis and look for targets of 18,340,” he added.
For the day, the index closed at 18,103, up 229 points or 1.28 per cent.
Independent analyst Manish Shah said if Nifty50 sustains above 18,100, it should see a rally towards 18,300-18,350.
“This should be the target for weekly expiry. Price action precedes lagging indicators. MACD is in a ‘sell’ mode and a rising 50-period moving average will act as a support. International markets are on a roll and soon Nifty50 which was a laggard vis-a-vis international markets will join the bandwagon. Support is pegged at 17,850-17,900,” Shah said.
Meanwhile, Rohit Singre of LK Securities said if Nifty50 stays above 18,000, one can expect a current pullback to extend further towards the 18,200-18,300 zone. Any dip near the 18,000 mark will be a fresh buying opportunity, he said.
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