It seems that the declining style of the lower and capable peaks last month was reflected, as NIFTy closed above the top of the last summit from January 21 at 23,426 levels. This is a bullish development, and in the end, we can see the formation of higher peaks and higher conflicts. The primary trend of elegant remains strong. After it exceeded the obstacle of 23,500 levels, the bulls can advance to another resistance from 23,800 levels in a short period of time. Nagraj Shetty said immediate support is 23,400 levels.
In open interest data (OI), the highest OI was observed on the side of calls at a price of 23,500 and 23600 strike prices, while the highest OI level was at 23,500 strikes followed by 23400.
What should merchants do? This is what the analysts said:
Hrishkeesh Yedve, Assit C. Mehta Investment Indredies. From a technical perspective, NIFTY crossed its short -term minds from 23,430 and formed a strong rising candle on the daily chart, indicating strength. The index also continued over the simple moving average for 21 days (21-GSMA) at 23,310, which makes it an immediate support level, while resisting the direction line at 2300 will act as a major obstacle. Traders are advised to adopt a purchase strategy.
RUPAK De, LKP Securities
Nifty gave an outbreak of falling wedge, indicating a bullish reflection in the short term. The index also moved over 21 periods, which enhances positive momentum. In addition, the current RSI reading supports a strong upward step on the market. However, a lot depends on how the market participants interact during and after the budget. Support is placed in 23,300-23,200, while resistance is seen at 23600 and 23,800.
Satish Chandra Aluri, Lemon Markets Office
Standard indicators witnessed a gathering before the budget on Friday, which expands gains on the fourth consecutive day before the budget session. The signs of the broader and small circles that exceed the criteria are also outperforming. It is a large -based gathering on optimism in the clear budget in the past few sessions with Infra and PSE shares that lead the gathering. Surprises of positive profits from blue chips such as Nestle, Tata Consumer and L&T feelings. The economic survey, which was presented today in Parliament, also contributed to the positive feelings, as the growth expectations of 6.3 % -6.8 % for the fiscal year 26 were in line with expectations while comments on the increasing pace in the government’s spending from the government have improved the feeling before advertisements Budget. Technically, the NIFTY 50 had a sharp gathering towards the level of 23500, eventually the end of it. Expect an increase in budget ads with resistance about 23,650 while on the negative side, it can be 23200 immediate support.
(Leave responsibility: Recommendations, suggestions, opinions and opinions that experts make are their own. These are not the opinions of economic times)
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