Stock Markets in Bulls control, 19,600 is handy for Nifty

Stock Markets in Bulls control, 19600 is handy for Nifty

posted by NILESH WAGHELA 

Mumbai: Bulls are getting control over Stock Markets gradually, and 19600 is handy for Nifty, says experts. 

Bulls seem to have turned strong after recent consolidation and pushed the Nifty50 above 19,500 mark. 

As long as the index holds the same level, 19,600 can be possible in the immediate term and then 19,800 can't be ruled out.

whereas, on the flip side, 19,400-19,300 range is likely to provide good support to the index, experts said.

The market settled higher for the third consecutive session with the BSE Sensex rising 152 points to 65,780, while the Nifty50 climbed 46 points to 19,575 and formed a small bullish candlestick pattern on the daily charts with continuing higher highs and higher lows formation and holding above the downward sloping resistance trendline.

"The Nifty has sustained a breakout from a descending channel on the daily chart. The trend will remain favourable as long as the bulls can maintain the Nifty above 19,440," Rupak De, senior technical analyst at LKP Securities said.

A "buy on dips" strategy should be the preferred approach until Nifty falls below 19,440, he advised.

He believes that the resistance on the upper end is positioned at 19,600, and if breached, the index could potentially move higher.