Tech View: Nifty target now at 19,500 for next week. What traders should do

economictimes.indiatimes.com:

Nifty on Friday formed a long bull candle on the daily chart as it closed 217 points higher at a lifetime closing high of 19,189. Chart readers point out that the headline equity index has been forming higher highs on a weekly scale for the last fourteen weeks and supports are gradually shifting higher. Now it has to continue to hold above 19100 zones to extend the move towards 19,300 and 19,500 zones, while on the downside support exists at 19,000 and 18,888 zones, said Chandan Taparia of Motilal Oswal.

India VIX was down by 0.83% from 10.89 to 10.80 levels. Volatility is hovering below 11 zones, which are supporting the bulls at record-high levels. Momentum indicator RSI has shown a bullish crossover on the daily timeframe, suggesting strong momentum.

Options data suggests a broader trading range between 18800 to 19500 zones, while an immediate trading range between 19000 to 19350 zones.What should traders do? Here’s what analysts said:Nagaraj Shetti, Technical Research Analyst, HDFC SecuritiesThe near-term uptrend of the Nifty remains intact and one may expect the Nifty to reach up to 19,500 levels in the coming week. Immediate support is at 19,050 levels.Amol Athawale, Kotak SecuritiesFor bulls, 19,050 and 19,000 would act as key support zones while 19,300-19,400 would be crucial resistance areas. However, below 19,000, traders may prefer to exit from the long positions.