Nifty recovered 168 points from the days low of 21337 and hit fresh all time high of 21505 - HDFC Securities
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Daily Technical View on Nifty
* Nifty recovered 168 points from the day’s low of 21337 and hit fresh all time high of 21505.
* Nifty ended the session off the highs and settled with 34 points gain at 21453.
* Nifty continue to remain in bullish trend and holding longs with trailing stoploss is the ideal strategy.
* 5 days EMA is placed near 21300 and same is expected to act as a support going forward.
* Resistance for the Nifty is seen in the zone of 21500-21600, where call writing has been happening in the derivative side.
* 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.
* Positionally 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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