The 50-pack index has reached the hourly upper Bollinger Band and would be looking forward to the 20-day moving average, which stands at 14,994. Analysts said the 15,000 level will be a key hurdle for Nifty50 to watch out for.
“If the bulls manage to surpass this level, the index can move up to test the swing high of 15,176. The 14,800-14,760 range will act as an immediate support for the index,” said Gaurav Ratnaparkhi of Sharekhan.
Nagaraj Shetti of HDFC Securities said the index is on the verge of moving up and filling the gap of the opening downside gap of February 26 and the upside gap of February 25.
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“The area at 14,920-15,065 is expected to be a crucial resistance zone for the market in the short term and a sustainable move above 15,100 level is likely to reverse the trend meaningfully,” he said.
For the day, the index closed at 14,919, up 157 points or 1.07 per cent.
Sameet Chavan of Angel Broking also talked about the 14,920-15,065 gap zone and said a move above the gap and then the swing high of 15,177 will negate the recent lower top-lower bottom structure on the index.
ETMarkets.com“However, since the banking space has not yet shown signs of resumption of the uptrend, we would advise traders to avoid aggressive positions. Intraday supports for Nifty50 are placed around 14,820 and 14,760 level, whereas resistance levels are seen around 15,065 and 15,177,” Chavan said.
