Except IT and Media, all sector indices are also trading at the life time highs - HDFC Securities
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Daily Technical View on Nifty
* On Monday, Nifty consolidated in the narrow range and ended with a small candlestick pattern on the daily chart. ? Nifty has been rising for last 7 consecutive weeks and has reached in to the uncharted territory. ? Most of the benchmark indices are trading at their all-time highs.
* Except IT and Media, all sector indices are also trading at the life time highs.
* As per the seasonality, December has been the best month for the Nifty and as in this month till date, index has risen more than 6%. ? Oscillators have reached the overbought zone on daily and weekly charts for Nifty.
* However, unless important support breaks on the price charts, trend reversal would not be confirmed.
* So, it would be advisable to hold on the longs with the trailing stoploss for index and stocks.
* Previous swing high of 21000, is expected to interchange its role as a support going forward. Longs should be held till Nifty breaks 21000 on closing basis.
* On the upside, next target for Nifty is seen at 22231, which happens to be 100% extension level of the entire swing seen from March 2023 bottom (16828) to Sep 2023 top (20222) and from Sep 2023 top (20222) to October 2023 bottom(18837).
Please refer disclaimer at https://www.hdfcsec.com/article/disclaimer-1795
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