According to Rupak De, senior technical analyst at LKP Securities, the daily chart shows a hanging man pattern, suggesting a potential bearish reversal in the short term.
“Immediate support is at 22,300; a drop below this level could push the index towards 22,000-21,900 in the short term. Resistance is seen at 22,600-22,650,” De said.
Here’s what other analysts are saying about the market’s near-term direction:
Jatin Gedia, technical analyst, Sharekhan by BNP Paribas
The Nifty is moving towards the upper end of the rising channel at 22,700. Support is at 22,350–22,300 and pullbacks to these levels could be buying opportunities.
Osho Krishan, senior analyst – technical & derivative research, Angel One
The Nifty 50 opened with a gap up but fell to 22,300 before recovering. Sustainability and broader market participation are key as the index moves higher. A close around 22,500 and further buying could trigger a rally, with support at 22,350-22,300 and 22,200.
We remain positive on the market but suggest caution and buying on dips rather than aggressive long positions.
Rahul Ghose, CEO, Hedged.in
Despite hitting all-time highs, markets may not necessarily break out further. Markets are slightly overvalued, and a cautious approach is advised. Upside potential before elections is limited, so it’s better to avoid aggressive long positions.
(Disclaimer: Analyst opinions are their own and do not reflect those of The Economic Times)
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