Nifty Outlook: For the last few weeks, Nifty is trading between 15,950-15,450 and it is trying to reach the level of 16 thousand. For two consecutive trading days, Nifty is trying to cross 15800 but due to lack of support from heavyweight stocks, it remained below. Nifty has been moving up and down in the range of 500 points for the last few days and is now almost in the middle of it, so nothing can be said with certainty about which way it will go. However, most of the analysts believe that Nifty50 has got support at 15400-15450 and it seems less likely to slide below it. Talking at the upper level, most analysts believe that if Nifty crosses the upper resistance level, then it can reach 16200-16300 beyond 16 thousand. The Nifty has so far reached a record high of 15,962.25, where it reached on July 15, the day of the weekly Futures and Options Expiry (F&O Expiry).
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This is the opinion of analysts regarding the rise in Nifty
- According to Sameet Chavan, Chief Analyst (Technical & Derivatives), Angel Broking, Nifty may face resistance at 15800-15850 in the coming trading sessions, while it will have to recover at 15600 and 15700 at lower levels. According to Chavan, the Nifty can be positive for up to the level of 15450, but even after reaching the level of 15900-15950, it cannot be said with certainty that the Nifty will cross the level of 16 thousand because it will reach this level. It has also fallen in several trading sessions. In such a situation, Chavan believes that Nifty will be able to cross the level of 16 thousand in August, it will be known only when the time comes.
- Analysts of ICICI Direct believe that for the last few weeks, Nifty is trading between 15,950-15,450 and it is trying to reach the level of 16 thousand. Nifty is not able to cross the level of 16 thousand but strong base is being prepared at 15,450. This strong base will help Nifty reach a record high of 16,300. According to the brokerage firm, if Nifty closes above 15950 due to the rise in many sectors, then it will show a sign of bullishness in the market and then Nifty can touch the level of 16300. However, if Nifty breaks below 15450 level on account of global volatility, investors need not panic, but there can be an opportunity to build a quality portfolio for the medium term. Analysts of ICICI Direct believe that Nifty will not fall below 15100.
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- According to Manish Hathiramani, Technical Analyst and Proprietary Index Trader at Deendayal Investments, Nifty is facing a resistance of 15800 for the short term. The level of 15900 is crucial for Nifty and if it closes above this level in few trading sessions then Nifty can reach record high. Nifty can reach the record level of 16200. Currently, this domestic index has got good support at 15400 and in the last few trading sessions whenever Nifty falls to this level, it is seeing tremendous momentum.