“On the technical front, the key resistance levels for Nifty 50 are 17,850 followed by 18,000 and on the downside 15,000 followed by 17,350 can act as strong support. Key resistance and support levels for Bank Nifty are 39,000 and 38,000 respectively,”.
Nifty heading to 18200
We believe the risk/reward has turned favourable for long term investment as major part of the price wise correction (8%) is already over. Therefore, investors should use the current volatility in the markets to accumulate quality stocks as we expect the Nifty to surpass the immediate hurdle of 17600 and eventually head towards 18200 in coming months.
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Nifty needs to hold above 17500 to touch 18000
“The Index has opened with a gap and is maintaining above 17600 which is a resistance patch. We would need to keep above this for a couple of sessions. This would allow the Nifty to achieve a target of 18000. 17100-17200 is a good support for the market and until that does not break on a closing basis, the short term direction of the index is bullish,
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