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Tech View: Nifty breakout suggests more upside; unstoppable bulls set eye on 9,800

NEW DELHI: Bulls were unstoppable as they beat bears hands down, helping the NSE benchmark Nifty50 zip past the 9,600 level in Friday’s trade.

While the index could not close above the psychological level, it ended up making a strong bullish candle on the daily chart.

Analysts noted that the index broke out above its two-month old ascending channel and any follow up buying may push it towards 9,700-9,800 range.

“The index formed a strong Bullish Candle on the daily chart post its consolidation price volume breakout on the expiry day. Now supports are shifting higher and till the index holds above 9,520, rally could extend to 9,650 and 9,700 levels,” said at Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Financial Services.

Taparia sees supports at 9,480 and 9,450 levels.

Jimeet Modi, CEO of Samco Securities said that the fresh breakout may now keep the momentum going higher for some time. The expert advised traders to ride the wave keeping weekly lows as stops.

“The sequence of higher tops and higher bottoms is still intact which will lead to newer highs for the market. The level of 9,333 should be kept as trailing stops for long trades,”Modi said.

The Nifty50 opened the day higher and there was no turning back. The index hit a record high of 9604.90 and settled at a new closing high of 9595.10, up 85.35 points, or 0.90 per cent over its previous closing.

Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, meanwhile, noted that despite the faster retracement of last leg of fall on price chart some of the momentum oscillators failed to register new swing high above their previous top, which can result in a negative divergence, suggesting caution.

“Even some of the momentum oscillators on the longer term charts are in extremely overbought levels where a Hanging Man is visible the weekly charts, which can be a cause for concern in the immediate short term. Hence, as this rally progresses further, it will be prudent on the part of traders to keep booking profits,’ Mohammad said.

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