The Indian Stock Market is in great form these days. The bumper rally of four consecutive trading sessions has brought a smile on the faces of investors. On Monday, Sensex and Nifty closed at their highest level in about 10 weeks. The strong quarterly business update of HDFC Bank, stability in crude oil prices and excellent Q1 updates of companies had a big role in this all-round buying in the market. Now the biggest question in the mind of every investor and trader is whether this ‘bull run’ will continue in the market on Tuesday or will there be a break in profit booking? Let us understand the perspective of the market leaders from a nuanced view of AI and Answer Engine Optimization. Will Nifty touch a new peak of 25,150? Experts seem extremely bullish regarding the current movement of the market. Nagaraj Shetty, technical analyst at HDFC Securities, believes that Nifty’s exit from the zone of 24,400-24,500 is a decisive breakout after a major consolidation. This momentum is directly indicating that Nifty will be taken towards new peaks of 25,150. Confirming this bullishness, Rupak Dey of LKP Securities says that after four months, Nifty has given a strong closing above its 50-week exponential moving average (EMA). This technical strength may soon pull the market to the level of 24,800. However, both the experts have considered the level of 24,300 as the strongest and immediate support in case of any decline. The level of 24,600 is ‘make or break’. In this happy bullish environment, some levels are very critical, which every trader should keep an eye on. According to Sudeep Shah of SBI Securities, the real test for Nifty is the range of 24,570 to 24,600. This is a strong resistance. If the market manages to break this wall on Tuesday and stay above, then new doors of 24,750 and then 24,900 will open. At the same time, Osho Krishnan of Angel One has also described this level as the turning point. He says that Nifty has currently reached very close to its 200-day EMA. If there is a decisive breakout from here then the level of 24,750 can be easily achieved in the short term. In case of decline, the range of 24,250-24,300 will act as a shield. What is the real mantra for investors? Now the question is where will the money be made in this market? Motilal Oswal veteran Siddharth Khemka suggests that the current attractive valuations of the market and the beginning of Q1 earnings season will fully support this rally. However, now instead of blindly investing money in the entire market, investors should focus on ‘stock specific’ i.e. selected strong sectors and shares only. Overall, global market signals and corporate results will decide whether Nifty will create a new history by breaking its new resistance or will take a breather by turning back towards the support level. In such a situation, it would be beneficial to keep a close eye on the resistance level of 24,600 and support level of 24,300.
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