Insights into Last Week’s Market Performance
Last week, Geojit Finance set an initial target of 22,700 for the Nifty. However, despite a brief spike to 22,619, the target wasn’t sustained. This week, the focus shifts to overcoming the crucial challenge at 22,530 before aiming for the 22,700-23,200 range. Key Levels and Market Dynamics
Anand James, Chief Market Strategist at Geojit Financial Services, reflects on the intense volatility observed midweek, a stark departure from the previous two weeks characterized by muted swings. The record peak levels combined with a low VIX prevented a full-fledged collapse, with bargain hunting mitigating further declines.
Technical Analysis and Market Trends
James highlights the emergence of a cup and handle pattern, indicating a potential upside breakout amidst struggles and rejection trades. Despite challenges, mid and small-cap stocks surged, driving the broader market’s recovery. Encouragingly, only 15% and 6% of mid and small-cap stocks traded below the 20-day SMA benchmark last week, suggesting further upside potential.
Extended Targets and Outlook
With market sentiment buoyed by the recent performance and technical indicators, Geojit Finance extends its upside target to 23,200. Despite historical corrections in similar stochastics situations, the current correction appears to be part of a continuation pattern, reinforcing the pursuit of upside targets. James outlines downside markers at 22,350, with supports at 22,190-22,000 and 21,800. Meanwhile, the Bank Nifty exhibits a smoother upside trajectory, recently breaking out of a descending broadening wedge pattern, with a target of 51,200, contingent upon the maintenance of support at 47,900.
Expert Insights and Advice
Anand James emphasizes the need for cautious optimism, urging investors to consult financial advisors before making investment decisions. He provides expert analysis and guidance amid market uncertainty and upcoming events, such as elections and policy shifts, shaping the market direction in the fiscal year ahead. For comprehensive coverage of Nifty 50 and BSE Sensex levels, expert insights, and top brokerage recommendations, stay updated with Financial Express. Download the Financial Express App for real-time business news alerts and investment strategies.
Nifty Forecast: Geojit Finance Predicts Rally to Continue, Eyes 23,000 Level
Last week, Geojit Finance set an initial target of 22,700 for the Nifty. However, despite a brief spike to 22,619, the target wasn’t sustained. This week, the focus shifts to overcoming the crucial challenge at 22,530 before aiming for the 22,700-23,200 range.
Key Levels and Market Dynamics
Anand James, Chief Market Strategist at Geojit Financial Services, reflects on the intense volatility observed midweek, a stark departure from the previous two weeks characterized by muted swings. The record peak levels combined with a low VIX prevented a full-fledged collapse, with bargain hunting mitigating further declines.
James highlights the emergence of a cup and handle pattern, indicating a potential upside breakout amidst struggles and rejection trades. Despite challenges, mid and small-cap stocks surged, driving the broader market’s recovery. Encouragingly, only 15% and 6% of mid and small-cap stocks traded below the 20-day SMA benchmark last week, suggesting further upside potential.
Extended Targets and Outlook
With market sentiment buoyed by the recent performance and technical indicators, Geojit Finance extends its upside target to 23,200. Despite historical corrections in similar stochastics situations, the current correction appears to be part of a continuation pattern, reinforcing the pursuit of upside targets.
James outlines downside markers at 22,350, with supports at 22,190-22,000 and 21,800. Meanwhile, the Bank Nifty exhibits a smoother upside trajectory, recently breaking out of a descending broadening wedge pattern, with a target of 51,200, contingent upon the maintenance of support at 47,900.
Expert Insights and Advice
Anand James emphasizes the need for cautious optimism, urging investors to consult financial advisors before making investment decisions. He provides expert analysis and guidance amid market uncertainty and upcoming events, such as elections and policy shifts, shaping the market direction in the fiscal year ahead.
For comprehensive coverage of Nifty 50 and BSE Sensex levels, expert insights, and top brokerage recommendations, stay updated with Financial Express. Download the Financial Express App for real-time business news alerts and investment strategies.
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