Nifty Outlook: Can bulls sustain recovery after 8-week losing streak?
Nifty's recent recovery has generated optimism, but a sustained close above key resistance is crucial for further gains. Analysts suggest a cautious approach with potential accumulation of certain stocks during dips. Key stocks for investment include Aurobindo Pharma and TCS, which display strong price momentum and resilience. Market participants are advised to monitor immediate support levels…
The Nifty index has shown a rebound after an 8-week losing streak, sparking optimism for a recovery. However, a decisive upward move above the 22,550-22,650 range is required to bolster the outlook. RUPAK DE, a senior technical analyst at LKP Securities, notes that Friday's rebound was merely a relief rally, with resistance at 22,600-22,650 and upside capped near 23,000.
A breach below 22,100 may trigger a deeper decline towards 20,800-20,200. Investors are advised to reduce long positions on recovery while medium-term participants can consider buying NiftyBEES on dips around Rs 220-235, targeting Rs 300-305 with a stop loss at Rs 200.
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.
