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Nifty remains in a clear-cut uptrend as it has been hitting new alltime highs for the last three consecutive sessions and short to medium-term moving averages have been rising on daily and weekly charts - HDFC Securities
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Daily Technical View on Nifty
* Nifty rose for the third consecutive month by rising 1.14%, to close at a new all-time high of 25235.
* Nifty ended higher on Aug 30 - for the twelfth consecutive session, its best winning streak since its launch in 1996. Nifty remains in a clear-cut uptrend as it has been hitting new alltime highs for the last three consecutive sessions and short to medium-term moving averages have been rising on daily and weekly charts.
* Next upside targets for Nifty are seen at 25517 and 26019, which happen to be 38.2% and 50% Fibonacci extension levels of the entire swing taken from 4th June low(21281) to the previous swing high made on 1st Aug 2024(25078) and from 25078 to low made on 23rd July 2024(23893). Supports for the Nifty are seen at 24771 and 24300.
* Volume analysis also indicates a strong uptrend in the Nifty50, as up-day volume is very high compared with down-day volume, for this year.
* After eight weeks of narrow consolidation, the Small cap index has broken out on the weekly chart. Therefore, we expect strong breadth in the coming days.
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