Nifty on a roll, could head towards 23,000: Analysts
Technical analysts predict Nifty is likely to advance towards 22,600, followed by 23,000, with robust support at 21,920. They suggest stocks such as Oracle Finance, HDFC Life, Marico, Pidilite, ICICI Bank, Maruti, Cipla, Sun Pharma, Larsen & Toubro, PNB, HAL, and Dixon could continue to attract significant buying interest.
RUCHIT JAIN LEAD RESEARCH, 5PAISA.COM
Where is Nifty headed? Nifty ended last week at its highest point, indicating a continuation of the uptrend. FIIs started this series with short positions, but as the index marched higher, they covered some of their shorts and added longs. The RSI oscillator is positive and hints at a continuation of the momentum. The immediate support for Nifty is around the 22,200 mark, while positional support is around the 22,000-21,900. In the last couple of months, the 40-DEMA has acted as a sacrosanct support on declines, which is now around 21,920. Thus, till the above supports are intact, the broader trend remains positive. On the higher side, retracements of the recent correction indicate a possible target of around 22,720, followed by 23,000-23,100.
What Should Investors Do? Traders are advised to continue trading with a positive bias until any reversal signs are seen. Midcap and smallcap indices are going through a time-wise corrective phase; one should be very selective in stock picking. Aarti Industries is trading at support, Pidilite has given a breakout above its resistance, and Marico has formed a bullish engulfing pattern at its support. Traders can look
