Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities
After showing a narrow range movement in the last seven sessions, Nifty showed a sustainable upmove on Tuesday and closed the day higher by 95 points. Nifty opened with a positive note and later shifted into a narrow range movement for better part of the session. Sharp intraday upmove was seen during later part and Nifty finally closed near the highs.
A reasonable positive candle was formed on the daily chart with lower shadow. After facing stiff resistance at the upper range of 19875-19900 levels in the last two weeks, the market is now placed at the edge of an upside breakout of range movement as well as the strong overhead resistance at 19900 levels.
Hence, a sustainable move above 19900 levels could result in Nifty zooming towards new all-time highs in quick period of time. Any dips from here could find support around 19800-19750 levels.