Analysts expect the momentum to extend into this week after the benchmark indices ended the truncated week in positive.
The daily chart indicates that NSE Nifty has formed a bull candle with a higher high and higher low, signalling extension of the pullback for the second session in a row, according to Bajaj Broking Research.
“The formation of bullish candles at such a pivotal juncture augur well for the bulls, suggesting that positive momentum is set to extend further,” said Rajesh Bhosale, equity technical analyst at Angel One. Immediate support is at 24,730, followed by 24,600, he added.
“This has created a tight pivot corridor between 24,600 and 25,100, with a decisive close beyond either side likely to dictate the next big move. For now, the bias stays mildly positive as long as the 24,600 base holds,” says Ponmudi R, CEO of Enrich Money, a SEBI-registered online trading and wealth tech firm.
The Bank Nifty continued to demonstrate strength on Friday, according to Bajaj Broking. While resistance will be at 56,150, support is placed at 54,800 and 55,000.
“The formation of a higher bottom here almost confirms an “Inverse Head and Shoulders” pattern, with RSI Smoothened supporting a pre-emptive breakout, fueling further momentum for the benchmark index in the coming days,” said Bhosale.
