With strong support at 17,800-17,650, the Nifty could potentially test the psychological 18,000 mark in the coming sessions. If the index manages to break above the descending resistance trendline connecting the highs of December 1, 2022 (the record high) and January 24, 2023, then a further upward move could be in the works.
For the seventh straight session on February 10, the market has traded within the Budget day range of 17,353 to 17,972. However, with strong support at the 17,800 level, the Nifty50 appears to be preparing the ground for an upward move.
With strong support at 17,800-17,650, the Nifty could potentially test the psychological 18,000 mark in the coming sessions. If the index manages to break above the descending resistance trendline connecting the highs of December 1, 2022 (a record high) and January 24, 2023, then further gains are likely.
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At the end of the week, the Nifty50 closed at 17,856, forming a Doji-like candle on the weekly scale, indicating uncertainty among bulls and bears about the market’s direction.
“Since we are currently trading near this turning point, investors are waiting for a convincing signal that the market will finally awaken from its recent slumber. The breakout could occur on either side, but we prefer the optimistic scenario “Angel One’s Chief Technical and Derivatives Analyst Sameet Chavan made the following statement.
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