Highest close for Nifty, but still 18000 remains untouched By Sameet Chavan, Angel One Ltd
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/10/33ee7336c54ba4729d81ab5328493df3.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Below are Views On Highest close for Nifty, but still 18000 remains untouched By Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd
Nifty started the week on a positive note on Monday and witnessed some momentum to reclaim 17700 with an ease. On Tuesday, the global cues were a bit nervous, but still, we managed to shrug off the negativity and rallied higher post the opening to surpass the 17800 mark. However, one day ahead of the weekly expiry, our markets finally reacted to the global weakness. The index consolidated throughout the first half, but witnessed a sharp post midsession to end the day tad above 17600. The opening on the expiry day was absolutely a shocker for bears as the shaky global markets recovered overnight and remained firm thereafter. As a result, the Nifty continued its March towards the recent highs.
The RBI governor announced its monetary policy on Friday and the outcome was very much in line with the general consensus. Markets did not look much excited as it turned out to be non-event. There was no follow up seen in key indices throughout the remaining part of the session. Eventually Nifty ended the week around the 17900 mark, which is the highest ever close for our markets. Considering the recent behaviour of the market, it is pretty clear that the bulls are not willing to let loose their firm grip so easily. But we reiterate it is that sort of phase of the market, which may not be easy to participate in. We are not at all convinced trading aggressively on the long side at this moment, yes there could be odd thematic moves that can be focused on but do not want to go all guns blazing at such elevated levels.
As far as levels are concerned, 17900 – 17950 remains to be a sturdy wall and on the flipside, 17600 has become a sacrosanct support now. The way we are following US markets of late; all eyes on them how they move going ahead. Also, as far as BANKNIFTY is concerned, nobody knows what it is up to. Clearly directionless and is flirting around key support as well as resistance levels. The IT heavyweight TCS is going to flag off the result season. Let’s see if any exciting outcome from this pushes Nifty beyond 18000 or not.
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/nirmalabudget23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Anuj Gupta_Commodity.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Nirmal bang.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/unionB23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Cotton Report.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Monarch networth.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/nirmalaS22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Broker _16.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Broker _11.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/StockMarket23.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/aecd4f4a5e886b873aa68500d027acd0.jpg)
We anticipate immense potential benefits from the upcoming Sovereign Gold Bond Tranche in FY...
![Weekly Market Analysis : Markets strengthened recovery and gained nearly 2% in the passing week Says Mr. Ajit Mishra, Religare Broking](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/cc796169e4f7c012914c95f4a8efe430.jpg)
![Weekly market outlook : The market is eagerly awaiting data on inflation and industrial production to provide further guidance Says Vinod Nair, Geojit Financial Services](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/5f1fa5f12be5ac87ff9258ea3909f0f8.jpg)
![Monthly Debt Market Update, September 2023: CareEdge Ratings](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/c5541407585e9dfdc52f905c92d59e61.jpg)
More News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/04/7d161f45f10c7bd256c4cb1c471bb515.jpg)
Morning Nifty, Derivative and Rupee comments 03 April 2023 By Anand James, Geojit Financial ...
![PL Stock Radar BEML by Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd.](https://portfolio.investmentguruindia.com/uploads/news/Prabhudas Lilladher.jpg)
![Market Quote : Changing investor preference from growth to value stocks is clearly visible By Vinod Nair, Geojit Financial](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/07/96cc1d9a4fa32d7c22c288e8b6c69512.jpg)
![Market Quote 01st December 2021 By Vinod Nair, Geojit Financial Services](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/12/5700fbee25c5af2a7660ea604dedd4c1.jpg)