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The stock market witnessed a boom this week and the index managed to register a record gain during the week. This week the major index has risen by more than 4 percent, which is the biggest rise recorded in a week since June 2020. With this rise, questions have arisen in the market whether the rise will continue or with this sharp rise, profit booking will once again dominate the market. Take a look at the opinion of the technical experts of the market, read what movement they are seeing on the chart.
What is the opinion of experts
Amol Athawale – Kotak Securities According to market experts, the market has crossed the 20 and 50-day SMA. At the same time, a bullish candle has formed on the weekly charts. The short-term texture is positive, but there is a possibility of profit booking at higher levels. Nagaraj Shetti – HDFC Securities According to market experts, the next target for Nifty is 23,800. At the same time, support for the market remains at 23,250. According to him, the trend remains positive for the time being. Nifty is currently at the level of 23350. Hrishikesh Yedve – Asit C. Mehta According to market experts, resistance for the market remains at 23,520 near the 100-day SMA. As long as Nifty is above 23,000, the 'Buy on Dips' strategy will work. Rupak De - LKP Securities According to market experts, if Nifty decisively crosses 23,400, the next resistance for the index will be 23,600. On reaching above this, another strong rally can start. How was the market performance this week? During the week, the Sensex closed above the 76900 level with a gain of more than 4 percent. The Nifty 50 index closed at the 23350 level with a gain of 4.25 percent. During the week, BSE Large Cap saw a gain of 4.6 percent, Midcap index saw a gain of 7 percent and BSE Small Cap saw a gain of about 8 percent. During the week, all sector indices closed in the green. Realty and media sector indices saw a gain of 8-8 percent.
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