For the day, Nifty closed at 17,822, up 276 points or 1.57 per cent.
“Nifty entering the uncharted territory is suggesting that the rally is intact,” said Mazhar Mohammad of Chartviewindia.in. This analyst believes the index is headed for the 18,000 level, as long as it is sustaining above the 17,646-610 range.
“As the current leg of the rally can be attributed to some short covering and fresh impetus provided by the US Fed, traders are advised to take a cautiously optimistic view based on their individual risk appetite,” Mohammad said.
“Nifty50 has taken out a weekly R1 pivot and now we should be looking at a rally to the 18,150-18,000 zone over the next few days. This is a strongly trending market and how soon the target will be hit is anybody’s guess. Suffice it to say that the 300-400 point pop may take place over the next several days, notwithstanding a couple of days of a corrective decline,” said independent analyst Manish Shah.
Sachin Gupta of Choice Broking said the index has made a U-turn after taking support from the Middle Bollinger Band on the daily chart. In the process, it has moved above the 21-day SMA.
“Moreover, on the hourly chart, Nifty50 has settled above the 50-hour moving average with a positive crossover in Stochastic & RSI, which supports the upward trend. At present, Nifty50 has its immediate support at the 17,650 level, while resistance may come around the 18,000 level,” he said.
