After witnessing high volatility at the highs on Tuesday, Nifty witnessed choppy movement for mid part and sharp upsurge in the later part of Wednesday and closed the day higher by 83 points, says Nagaraj Shetti, Technical Research Analyst, HDFC Securities
After opening with a positive note, the market moved up further soon after the opening. The new all time high was registered at 19851 and the market slipped into weakness from the new highs. A sharp upside recovery has emerged in the mid to later part of the session and Nifty closed at the highs, Shetti said.
This market action indicates stiff resistance zone for the Nifty at 19850 levels. Minor negative patterns are not getting confirmed at the highs/hurdles and there is an absence of any reasonable downward corrections from the resistances, he said.
The underlying uptrend of Nifty remains intact. Nifty is expected to move above the hurdle of 19800-19850 levels in the short term. The immediate upside target to be watched around historical 20K mark. Immediate support is placed at 19700 levels, he said.
Vinod Nair, Head of Research at Geojit Financial Services said despite the current high levels, domestic investors have hardly lost confidence in the Indian economy. It is experiencing a broad based rally strengthened by encouraging domestic macroeconomic data and sustained inflows from FIIs.
Although there was some initial profit booking today, the market confidently recovered, with buying observed in all major sectors except auto and IT. Additionally, the global market is providing comfort to the rally, in anticipation of moderation in global inflation, he added.
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