Nifty’s next move hinges on breakout above 23,200: Analysts
Nifty has recently surged by nearly 2%, approaching the resistance level at 23,200. Analysts recommend building long positions to capitalize on a potential breakout. Support is set between 22,600 and 22,800, serving as a buffer. Recommended stocks for investment this week include DLF and Zensar Technologies. Investors should exercise caution in the broader market until significant resistance…
Nifty's subsequent move is contingent on the index successfully breaking above the 23,200 resistance level, according to analysts. Should this breakout occur, it may facilitate gains towards the 23,500–23,600 range. Conversely, support is anticipated within the 22,600–22,800 range. Nagaraj Shetti, AVP – Technical Research at HDFC Securities, states that Nifty has breached the pivotal resistance of 22,800 and is currently testing higher support at 22,400 following a series of declining peaks and troughs, indicating a potential trend reversal. The index is presently approaching the resistance level of 23,200.
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