Analysts see an upside hurdle for the index at 18,150 while they see immediate support for the index at 17,925-900.
Securities, who have said that such a formation after a reasonable rally or at a resistance level can be considered a confirmed reversal pattern.
“Therefore, any weakness from here or from the highs could confirm the top reversal pattern. However, a sustainable move above this pattern at the 18,088 high is likely to negate the implication. The market is slowly rallying after breaking through the significant downtrend line resistance (the downward sloping trend line connects from the top of October 21st) at 17,900. However, the strength of the momentum The amount of upside needed for a decisive bullish breakout is missing,” he said.
During the day, the index closed at 18,070.05, up 133.70 points, or 0.75%.
“Technically, the Nifty50 has successfully broken through the short-term resistance of 18,000 and succeeded to close above the same level, which is generally positive. On the daily and intraday charts, the index is moving forward. forming an uptrend, supporting the uptrend further from current levels Nifty 50, 18,000 and 17,925 will act as key support levels while 18,150-18,200 will be key resistance levels. Below 17,925, the bulls will be vulnerable and a slide to 17,850-17,800 is possible,” said Shrikant Chouhan of Kotak Securities.
The banking index closed the day at 40,873.10, up 299.10 points, or 0.74%.
Earlier in the day, the index opened a gap and maintained this level throughout the day, according to analysts, which confirms ongoing strength.
Kunal Shah, Senior Technical Analyst at
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