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).
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