Analysts are positive, however imagine the continuing momentum can flip sideways if the index fails to reclaim the 15,000 stage quickly.
Mazhar Mohammad of Chartviewindia.in mentioned his proprietary twin momentum oscillators have generated a purchase sign after Wednesday’s rally. He suggested positional merchants to go lengthy on Thursday and search for an preliminary Nifty goal of 15,271 stage.
“If the bulls fail to register a close above 15,000 level, the trend shall continue to be sideways. A bearish trend will resume only on a close below 14,635 level. As the bulls have successfully defended the right technical support point placed around the 14,600 mark, positional traders can consider buying the dip with a stop loss below 14,700 level on a closing basis,” he mentioned.
For the day, the index closed at 14,800, up 92.45 factors or 0.63 per cent.
“The formation of two long-range candles of – a bearish one on February 22 and a bullish one right this moment –
And small bearish candle of February 23 signals the possibilities of a bullish reversal of the market. This sample wants to be confirmed with additional upmove within the subsequent classes,” mentioned Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Check out the candlestick formations within the newest buying and selling classes
Shetti mentioned Wednesday’s value motion was related to the six-day decline within the later a part of January, which resulted in a pointy upside on the day of the Union Budget 2021. “This is a positive indication. If the reversal pattern gets confirmed in a day or two, one can expect continuation of the upside momentum,” he mentioned.
“If Nifty50 manages to surpass the 15,080-15,220 zone, we may see the index resume its higher degree uptrend in the following days. A failure to do so will lead to retesting of the 14,900-14800 zone. We would like to stay neutral while stepping into the important monthly expiry session on Thursday,” mentioned Sameet Chavan of Angel Broking.