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Nifty can zoom 900 pts form here to hit 25,800; details here
The National Stock Exchange (NSE) Nifty 50 index logged its biggest single-day gain in absolute terms ever on May 12 on the back of India-Pakistan ceasefire and the US-China interim trade deal. The NSE Nifty 50 index soared to a high of 24,945, and ended the session with a solid gain of 917 points or 3.8 per cent at 24,925. In the process, the Nifty 50 also jumped back above its long-term 200-Day Moving Average (200-DMA), after taking a dip below the same in the preceding trading session. Catch Stock Market Updates Today LIVE Here's what technical analysts say post Nifty's biggest single-day rally:
Axis Securities highlights this key historical trend
Akshay Chinchalkar, Head of Research at Axis Securities highlights that over the past 20 years, whenever the Nifty closed below the 200-DMA, and was followed by a quick recovery above it - with the 14-day Relative Strength Index (RSI) above 50, the pattern has often led to strong gains in the short-term. An analysis of a similar trend in the last 20 years shows, that the Nifty has generated an average gain of 1.1 per cent, and an overall success rate of 75 per cent in the next five trading sessions, said the analyst in a note. Over a slightly longer period, i.e. 20 trading sessions, the Nifty has delivered an average gain of 5 per cent, with the index climbing higher in 84 per cent cases, the note from Axis Securities added.
Asit C. Mehta Investment Interrmediates pegs upside target on Nifty in 25,500 - 25,800 range
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates believes that the Nifty could test 25,200 in the short term, and 25,500 – 25,800 in the medium term; as long as the index sustains above 24,850 levels. The analyst recommends traders to consider a buy-on-dips strategy as long as the Nifty holds above 24,850 on a closing basis.
SAMCO Securities recommends buy on dips strategy
The NSE Nifty broke out above a rising trendline connecting a series of higher swing tops, reaffirming the resumption of its broader uptrend, said Om Mehra, Technical Research Analyst at SAMCO Securities in a note. The Nifty has reclaimed levels above the 9-day EMA, and the daily RSI has turned upward after remaining range bound, indicating renewed bullish momentum. Based on Fibonacci clustering, resistance remains near the 25,200 mark, while support has shifted higher to around 24,600, the analyst explained. The Nifty has given a strong breakout, out of its recent consolidation, and the broader trend has turned decisively positive. A 'buy-on-dips' strategy may be preferred for the upcoming sessions, the note added.
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