Nifty 50 to focus on 21,800-22,000 levels in coming weeks after ongoing consolidation, while taking support at 21,700-21,500 levels and indicate buy on dips strategy
Share market recorded 1.8 % gains in the concluding week of 2023 and formed a long bullish candlestick pattern on the weekly charts after Doji sort of a candle formation in the previous week, indicating that bulls hold their position.
Even the higher highs, higher lows continued week-after-week and the momentum indicators are showing positive bias, hence, expect the Nifty 50 to focus on 21,800-22,000 levels in the coming weeks after the ongoing consolidation, while taking support at 21,700-21,500 levels and indicate to buy-on-dips.
The Nifty 50 ended at 21,731 on December 29, rising 8 percent for the month and 20 percent for the year.
“While maintaining a bullish outlook in the absence of weakness signs, it is advised not to adopt an aggressive stance. Instead, booking profits at higher levels is recommended. Today nifty 50 cross 20800 all time high and then sudden selling start . Bank nifty trade in a range .