📷 Image Credits: Moneycontrol
The Nifty 50 and Bank Nifty are on the verge of hitting fresh record highs, as indicated by market experts. The Nifty 50 recently formed a long bullish candlestick pattern, signaling a potential uptrend that could see it reach the 24,000 mark in the near future. On the other hand, the Bank Nifty is expected to move towards 53,000, with strong support at 51,800.
The recent market performance has been optimistic, with the Nifty 50 rallying 183.5 points to 23,721 and the Bank Nifty jumping 902 points to 52,606. Despite the gains, there was a negative market breadth with more shares declining than advancing on the NSE.
Experts like Ashish Kyal, CMT, and Chandan Taparia, among others, have provided their insights on the outlook for the Nifty and Bank Nifty. Kyal mentioned that Nifty’s positive breakout suggests a bullish trend with targets set at 23,880 and 24,100. On the other hand, Taparia highlighted the importance of key resistance and support levels for both indices.
Moreover, technical analysts like Riyank Arora and Om Mehra have shared their strategies for trading the Nifty and Bank Nifty. Arora suggested a buy-on-dips approach for Nifty, while Mehra proposed a Bull Call Spread Strategy for traders to capitalize on the market momentum.
In terms of the Bank Nifty, experts such as Ashish Kyal and Riyank Arora emphasized the importance of key resistance and support levels for the index’s movement. Kyal recommended long positions on dips to 52,300, while Arora advised buying near the 52,400-52,500 zone.
Overall, the market sentiment remains positive, with technical indicators pointing towards further upside potential for both the Nifty 50 and Bank Nifty. Traders and investors are closely monitoring the key levels and strategies suggested by experts to make informed decisions in the current market scenario.
