Technically, Nifty is making “higher-excessive higher-low” shape on all primary time frames and now no longer displaying any primary signal of slowing down. It is protecting nicely above the 200% reciprocal retracement degree of the preceding fall from 12430 to 7511, that is positioned at 17350.
Technical analysts believe that if Nifty stays above the 1780017850 mark, it will reach 18,000 within the field time frame. Last week, Nifty rose 1.2% and closed at a record high on Friday. Although the market is overbought, the overall fashion is still exciting, and any decline must be a buying opportunity.
JM Financial Services Technology and Derivatives Research Supervisor
Will Nifty reach 18,000 points within the recent
Technically speaking, Nifty has formed a “higher-higher-higher” structure in all major time frames, and there is no obvious sign of slowing down. It is much higher than the 200% reverse retracement level of the previous fall from 12430 to 7511. It’s 17350. The momentum indicator RSI (Relative Strength Index) has also been in the overbought zone for a while, but the price is unwilling to give up momentum.
What should investors do? After the long-term consolidation of Bank Nifty has shifted gears, and the bank stock index finally broke through 37200. Until it stays above the level of 37000, the prospect of moving up to 39000 and then the area of 40000 is still positive. For other industry indexes, the Nifty Metal index encountered resistance near its previous high and started to move south. It is expected to be further revised to the 5200 level in the next few days. Will ITC continue to operate? ITC has broken through the consolidation of the past 8 months, but has not yet overcome its key resistance at 239, which happens to be its February 21 high. The volume on the breakout day is quite good, but subsequent purchases must be made above 239 this week, which can prepare for the stock price to rise to the 255/260 level. From this point of view, 220 should be a decisive support.
Senior Vice President of Edelweiss Alternative Research
Nifty Will it reach 18,000 during the direct term of?
The market is on a strong upward trend, but given the temporary extreme overbought value and the market opening price of 2.3 trillion Indian rupees (historical high), the bulls may be more willing to take a cautious stance near 17,800. When it expires in September, we can trade within the range of 17,200 to 17,850. What should investors do?
traders can try to launch a put seagull option strategy on September 23, 2021. Buy 17,500 put options, sell 17,100 put options, and sell 17,800 call options. According to our Quant model, even if the DXY technology breaks through, the metal sector will rebound, and I.T. will continue its upward momentum. If there are multiple parameters, Mindtree and Mphasis can display up to 23 months, with an upward trend of 20%. Will ITC continue to operate? I will avoid recommending a long time before the inventory stabilizes above 238, which are higher in quantity and deliveries compared to the 20D average.
Head Technicals and Derivatives, Axis Securities
Nifty will reach 18,000 points in the near future?
On the weekly chart, Nifty formed a long bullish candle, which made a higher high and low compared with the previous week, and closed above the high of the previous week, indicating a positive trend. The index is moving with higher tops and higher bottoms on the weekly chart, which indicates a positive trend. This week, we expect Nifty to trade with a positive deviation in the 1740018000 area.
What should investors do? We expect IT, FMCG, chemical, banking and financial stocks to perform well in the short term. In the next week, you can follow HDFC Bank, Kotak Bank, HCL Technologies, Tech Mahindra, Deepak Nitrite, Dabur, Voltas, Hero MotoCorp, Indigo. The strategy we propose for this weekly expiration on September 23 is a bullish strategy called the bullish ladder, which involves buying a large number of beautiful 17,600 call options at 103 rupees and selling them at 62 rupees A large number of 17,700 call options, including 17,800 call options 35.
rupees ITC will continue? The ITC resistance is in the range of 230,240 rupees. Option chain data shows that there has been a large number of call options purchase activities during 240 and 235 strikes in the past week, and these levels may become resistance.