Nifty ended the week on a positive note with a Hammer candle formation, gaining 250.50 points but falling short of the 24,400 mark. The daily charts show a retracement of the recent fall from 25,100 to 23,900, with potential for a rally towards 24,520 to 24,651 where Fibonacci retracement levels are placed. The immediate support lies at 24,200 to 24,150 where the 40-day average rests, according to Jatin Gedia from Sharekhan.
For traders, Hrishikesh Yedve from Asit C. Mehta Investment Intermediates recommends adopting a buy-on-dips strategy for Nifty, targeting levels of 24,600 to 24,700, with 24,000 as a key support level. On the other hand, Amol Athawale from Kotak Securities suggests that as long as Nifty stays above 24,200, there is potential for a move towards 24,525 to 24,625, but a breach below 24,200 may bring in selling pressure.
Tejas Shah from JM Financial & BlinkX highlights the testing of important technical levels this week and notes that Nifty is bouncing back from lower levels while holding above the psychological support of 24,000.
Keep an eye on Nifty’s movements and trade wisely to capitalize on potential opportunities!
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(Disclaimer: Expert opinions are their own and not reflective of Newzense)