Nifty Prediction For Tomorrow By Experts: Indian stock market started the week on a strong note as both Sensex and Nifty 50 gained more than 1 per cent each. The Sensex index climbed 787.30 points, or 1.07 per cent, to end at 74,106.85. The NSE Nifty surged 255.15 points, or 1.12 per cent, to settle at 22,968.25.
Sectorally, most indices participated in the recovery rally, with realty, financials, and banking emerging as the top gainers. Broader markets also joined the rally as Nifty Midcap 100 and Nifty Smallcap 100 gained more than 1 per cent each.
Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse, said that Nifty has formed a bullish candle with a long lower shadow. The overall structure is gradually turning positive, suggesting a continuation of the upward move towards 23,200, followed by 23,400 levels.
Nifty's support has shifted higher to the 22,500 zone, the expert said.
Nifty Prediction For Tomorrow By Experts: Support And Resistance
According to Bajaj Broking, Nifty has formed a bullish candlestick pattern with a higher high and a higher low signaling continuation of the pullback from the extreme oversold territory.
Nifty is in the process of moving above its previous week's high of 22941 for the first time in the last 8 weeks.
"Going ahead a follow through strength above Monday’s high 23,000 will open further upside towards 23,450 levels in the coming sessions. Failure to move above last week high will signal some consolidation in the range of 22,200-23,000 levels. While a breach below last week panic low of 22,182 will open further downside towards the key support area of 22,000-21,800," Bajaj Broking said.
Nifty Prediction For Tomorrow By Experts: Key Support
Nifty has key short-term support placed at 22,000–21,800 zone, being the trendline support joining the last 2-year lows and the 200-week EMA. For any meaningful pause in the ongoing downtrend, the index needs to form a sequence of higher highs and higher lows on the daily chart, along with a sustained close above 23,465.
Nifty Chart Candlestick | Nifty Prediction For Tomorrow By Experts
Nifty daily chart shows the formation of a long bull candle with lower shadow, which indicates a relief rally in the market from the lows. This market action hints at a possibility of a formation of short-term bottom reversal at the recent swing low of 22182 levels.
The short-term trend of Nifty is positive. A sustainable move above the immediate resistance of 23000 levels is likely to pull Nifty towards the next hurdle of 23500 levels in the near term. Immediate support is placed at 22600.
Nifty RSI Indicator | Nifty Prediction For Tomorrow By Experts
The momentum indicator RSI has started forming a higher top and higher bottom pattern and has crossed the 40 mark, indicating improving sentiment.
