nifty trading view

Personal Analysis | Nifty gains for sixth day but looks 18,200 crucial for another session gains.

The index opened higher at 18,125, touched an intraday high of 18,180 and with 83 points, or 0.5 percent, higher at 18,148, forming a small-bodied bullish candlestick on the daily timeframe. It made higher tops and higher lows for the sixth day in a row.

18,200 is expected to be next hurdle for the Nifty followed by 18,300-18,500. The psychologically vital 18,000 mark will act as a support followed by 17,900, experts said.

The way markets behaved in the last couple of sessions of the previous week, it has certainly lifted our markets in a much safer terrain. The Nifty is now about to enter a crucial cluster of 18,220–18430.

Traders against being complacent because surpassing 18,200–18,250 would be a daunting task for the bulls.

Profit booking or a time consolidation cannot be ruled out ahead of the next leg of the rally,adding the undertone remains bullish, and the immediate base had shifted higher to 18,000–17,900.

The Nifty ended higher for the sixth session in a row on May 2, supported by gains in technology, auto, oil & gas, banking & financial services names.



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