Edelweiss expects Nifty to face resistance at 5100
Edelweiss is bullish on the market and expects the index to advance further and test crucial resistance of 5100.
By ET Bureau |
MUMBAI: Edelweiss is bullish on the market and expects the index to advance further and test crucial resistance of 5100.
���Nifty depicted exactly how trending markets behave over a period of time. In last week, the index had breached the rising trendline support and barely managed to close above 21 DEMA. The Nifty staged a sharp recovery which saw formation of strong bullish candlestick which engulfed most of corrective moves of previous week. The index is likely to advance further and test crucial resistance of 5100. We retain our objective of 5300 on the index while the Nifty would continue to find support at 4900.
Most of the Oscillators on the daily chart have remained in sell mode with RSI, MACD, and ROC. Daily Stochastic gave a bullish crossover. Directional indicator +Di remained above ���DI depicting the strength of the prevailing trend,��� the report said.
���Nifty depicted exactly how trending markets behave over a period of time. In last week, the index had breached the rising trendline support and barely managed to close above 21 DEMA. The Nifty staged a sharp recovery which saw formation of strong bullish candlestick which engulfed most of corrective moves of previous week. The index is likely to advance further and test crucial resistance of 5100. We retain our objective of 5300 on the index while the Nifty would continue to find support at 4900.
Most of the Oscillators on the daily chart have remained in sell mode with RSI, MACD, and ROC. Daily Stochastic gave a bullish crossover. Directional indicator +Di remained above ���DI depicting the strength of the prevailing trend,��� the report said.
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