Published on 10/02/2021 3:48:28 PM | Source: Motilal Oswal Financial Services Ltd

Bulls are reluctant to give up and as a result, Nifty is sustaining well above 15000 mark - Motilal Oswal

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Technical & Derivatives Outlook

* Bulls are reluctant to give up and as a result, Nifty is sustaining well above 15000 mark. The uptrend is so strong that most of the intraday dips were getting bought quickly. Barring a corrective move in last week of January, we haven't notice existence of Bears in this market. However, Bulls were not willing to surrender and thus, we witnessed a V-shape recovery after announcement of Union Budget. Index marched above 15000 for the first time in history and sustaining well above the same.

* Sentiments has been changed completely after the Budget announcement as buying interest is visible across the street. Market Breadth is also in favour of advancing counters, which certainly bodes well for the bulls.

* Nifty is trading all time high and it seems there's no limit on the upside for the bulls. Technically, Nifty is making Higher Tops - Higher Bottoms and formed bullish candles from last three consecutive months. Momentum oscillator RSI is moving in overbought territory on weekly scale; but there is no sign of reversal seen in price. In such a bullish scenario, one shouldn't pre-empt 'tops' and rather stay with the ongoing trend until it reverses.

* This is a 'Buy on Dips' market and traders should look for buying opportunity on any small dips till the time we don't see any strong signs of reversal on Charts or Derivatives data. As far as levels are concern, index is moving in uncharted territory and ongoing momentum may continue towards 15500 - 15700 zone. On the flipside, immediate support exists at 14800 - 14600 zones.


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