Nifty takes a breather as bulls and bears watch the next move: Analysts
The Nifty index has reached a temporary halt following a robust upward surge, positioning itself at critical support and resistance zones. Analysts are divided in their approaches: some suggest capitalizing on price dips, while others lean towards profiting from price spikes. Notably, the Bank Nifty remains strong, indicating potential for additional growth.
After surging by over a thousand points, the Nifty has come to a temporary halt. Market experts are divided on whether to buy dips or sell rallies as traders await the next significant move. The index remains above its essential daily moving averages, namely the 20-day simple moving average at 24,323 and the 40-day exponential moving average at 24,227. Traders have the option to buy during dips ranging from 24,227 to 25,190, with a stop loss set at 24,050 on a closing basis, aiming for a target of 24,774 to 25,000.
Bank Nifty has proven to be more resilient, only experiencing minor corrections in recent sessions. To initiate new long positions, traders should wait for a clear break above the swing high of 57,885. Buying opportunities can be considered above 57,885, with a stop loss positioned at 57,158 on a closing basis, targeting a range of 57,885 to 58,700.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
