New Delhi: On Friday, Nifty50 takes out 100-Day Simple Moving Average (SMA) at 10,200 points. There is now much on lines after following a hurdle breach at 10,000 level in Thursday’s session.
Analysts expect the index to reach the recent high of 10,328 or reach 10,550 points in the short run. Next week immediate support will be at 10,100 points for Nifty50.
Nifty might face strong to mild selling, but on a daily chart – It may seem like bulls might have a lot of steam and may take control of the market in the coming session.
Gaurav Ratnaparkhi, a Senior Technical Analyst at Sharekhan, said, “On Daily Chart, Nifty 50 broke down inside bar pattern on Thursday’s followed by Friday’s Session. The weekly chart saw a quick recovery of the index during the week gone by from a sharp drop of the previous week. The index is now not more than a stone throws away distance from hitting 10,328.”
“Nifty50 might hit 10,550 points in the coming week hence retracing about 61.8 per cent from the steep fall of January-March quarter because of availability of new immediate support between 10,155 – 10,135 levels,” said Gaurav Ratnaparkhi.
For the daily record, the index was up by 1.51 per cent and rose 152.75 points to 10,244. Nifty50 also overcome another hurdle of 100-day SMA placed at 10,093 with Friday’s Session.
Independent Analysts View
Mazhar Mohammad of Chartviewindia.in said,” support above 10,072 points on Friday, Nifty50 shall retest its recent high of 10,328 level recorded on June 08, 2020.”
Jimeet Modi, Founder & CEO at SAMCO Securities, said,” The index recovered most of the last week’s losses and is trading at the upper range of the previous three weeks.”
He said,” The occurrence of large shadows is a signal of the seller’s availability since the last two preceding weeks. The 10,100 -10,500 levels might be a strong resistance point for Nifty to score more points.“