For the day, the index closed at 16,624, up 128.15 factors or 0.78 per cent.
Mazhar Mohammad of Chartviewindia.in mentioned the index is in a pullback mode, because it sustained above the current low of 16,376 regardless of witnessing a pointy correction on August 20.
“Whereas it’s too early to conclude that the index has resumed upmove, will probably be protected to presume that will probably be consolidating within the 16,700-400 zone w, earlier than breaking out. For a sustainable upmove, a detailed above 16,700 stage is required. Such a detailed can develop the upswing 16,900-17,000,” he mentioned.
The all-time intraday excessive stage for Nifty50 stands at 16,701.
On the four-hourly charts, the index has taken instant assist at Center Bollinger Band formation, which signifies additional constructive strikes.
“Nevertheless, nonetheless, there’s a hurdle at round 16,700, which can act as a direct resistance zone. Above that, can anticipate 16,800-16850 to supply some resistance. The assist stands at 16400 stage,” mentioned Sachin Gupta of Selection Broking.
Shrikant Chouhan of Kotak Securities mentioned that the feel of the pullback rally signifies the index is more likely to consolidate within the 16,500-16,720 vary.
“So long as the index trades above the 10-day SMA or 16,500 stage, the uptrend wave is more likely to proceed as much as 16,700-16,750 ranges. On the flip facet, the index could be susceptible under the 16,500 stage,” Chouhan mentioned.
Chandan Taparia of Motilal Oswal Securities mentioned declines are being purchased into and a maintain above 16,600 stage can prolong the continued transfer in direction of the life-time excessive vary of 16,700-16,750. This analyst sees Nift50 assist at 16,500 and 16,380 ranges.