There is a possibility of Nifty may test psychological 18,000 mark followed by 18,200 in coming sessions, with strong support at 17,800-17,650 area, and also if the index surpasses the downward sloping resistance trendline adjoining highs of December 1, 2022 (record high) and January 24, 2023, then more upward move may be on cards, experts said.
Sunil Shankar Matkar
February 13, 2023 / 09:43 AM IST
Nifty may test the psychological 18,000 mark, followed by 18,200 in the coming sessions.
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} The market has been trading within the Budget day range of 17,353 to 17,972 for the seventh straight session on February 10 but, with strong support at 17,800 level, the Nifty50 seems to be preparing the ground for an upward move.Hence, there is a possibility that the Nifty may test the psychological 18,000 mark, followed by 18,200 in the coming sessions, with strong support at 17,800-17,650, and also if the index surpasses the downward sloping resistance trendline adjoining highs of December 1, 2022 (record high) and January 24, 2023, then more upward move may be on cards, according to experts.The Nifty50 closed the week on a flat note at 17,856, forming a Doji sort of candle on the weekly scale, indicating indecisiveness among bulls and bears about future market trend.”Now since we are trading around the crucial juncture, the market is awaiting some solid trigger to come off the recent slumber phase. The breakout could happen either side but if we have to predict one, we would certainly like to stay positive,” Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One, said.
