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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
livemint.com / 1 year ago
Market rebounds from oversold levels, Rajesh Palviya advises cautious optimism
Nifty rebounding from its oversold trajectory. However, Rajesh Palviya, technicals and derivatives analyst at Axis Securities, cautions that the rally remains fragile unless key resistance levels are surpassed.
In an interaction with ETNow, he highlighted the significance of 22,750 as a pivotal level that needs to be breached for a stronger uptrend. «There is a recovery from oversold trajectory of Nifty. But still, we are trading below to 20-day moving average, which is placed at around 22,750 kind of level. So, that level needs to cross in this recovery,» he stated.
A breakout above this level, he suggests, could fuel«substantial short covering action and then possible extension of rally could be there towards 22,900, even 23,000 level.
While the broader market too has shown signs of improvement, Palviya stressed that Nifty must maintain a key support level for a bullish outlook.
»Till Nifty is holding above 22,400, the trend is likely to exhibit on the bullish side as the broader market has also started performing," he explained. He also pointed out that midcap and smallcap stocks have begun to recover from their oversold trajectory, contributing to a positive sentiment in the market.
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