Analysts said the NSE Nifty 50 has formed a promising reversal formation on the daily chart, confirming a further uptrend from current levels.
Amol Athawale, research analyst at Kotak Securities, said the 50-day simple moving averages of 24,400 and 24,300 will be important support zones for position traders. “As long as it trades, the bullish trend is likely to continue.” “If it continues to rise, the market could rise to 25,000, and if it rises further, the index could rise to 25,200.” Said.
The 20-day exponential moving average at 24,400 provides additional support. The daily relative strength index has crossed the 60 level for the first time in a month, confirming the return of bullish momentum, said Dupesh Dameja, derivatives analyst at Samco Securities.
For Bank Nifty, the short-term formation is bullish with 53,000 and 52,800 being key support zones while 54,000-54,300 could act as a key resistance zone for traders, Athawale said.
