Nifty likely to hit fresh highs in May; 5 stocks which can give up to 17% return in short term
The Nifty50 ended the record week with gains of around 2 % but
it looks like bulls are not going to give up that easy as fresh Put
writing at strike prices 9,100-9,300 adds to bullish sentiment.
Fresh
Pit writing was seen at strike prices 9000 (0.7 lakh contracts added)
which will now act as crucial support for the index, followed by 9,100
which saw fresh additions of 7.07 lakh contracts, 9,200 recorded
additions of 4.9 lakh contracts, and 9,300 saw additions of 5.5 lakh
contracts.
On the technical front, a couple of key moving averages
(i.e. ‘5-EMA’ on the weekly chart as well as ‘200-EMA’ on hourly chart)
provided rock-solid support for our market as a result, the Nifty
rebounded smartly from this support zone to reach yet another milestone
of 9,300.
Technically speaking, the Nifty has closed above its strong resistance
of 127% reciprocal retracement level of the previous fall from 8968.70
to 7893.80 on the weekly chart.
The RSI oscillator too moved higher on our expected
lines, which clearly provided the impetus this Positive Reversal and
then a smart towards record highs, suggest experts.
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