For the day, the index formed a small bearish candle but made a bullish candle on the weekly chart.
Mazhar Mohammad of Chartviewindia.in said even as the index remained lacklustre, the weekly move still looks advantageous for the bulls as Nifty50 has managed to sustain above the 15,900 level. The current breakout can be deemed to fail if the index closes below 15,850 level, he said.
Sameet Chavan of Angel Broking said the index had earlier made several attempts to get past the 15,900 level, but it struggled on every such occasions.
“The sturdy wall has at last been breached. Although there was no follow-up buying seen on Friday, the week concluded around new high, which certainly bodes well for the bulls. Now, the 16,000 level is merely a formality. We would see the index reaching the millstone in the first half of the forthcoming week itself,” Chavan said.
Gaurav Ratnaparkhi of Sharekhan said this is an opportunity for the positional traders to initiate fresh long positions.
“The index is expected to surpass the 16,000 mark and head towards 16,400 in the short term. The daily momentum indicator and the daily Bollinger Bands are supporting the bullish stance. On the other hand, 15850-15800 will act as a cushion in case of any minor degree dip,” he said.
Mohammad of Chartviewindia.in advised traders to remain cautiously optimistic by maintaining a stop below 15,850 level.
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