Even today the market remained bullish. On Wednesday, Nifty opened 55 points up at 24,044, while Sensex opened 271 points up at 77,080. The market is closing with gains for three consecutive sessions; During this period, Nifty rose by 828 points and closed at 23,989. On Tuesday, Nifty closed at 23,989, up 135 points.
There are two big positive factors for the market right now. Crude oil prices have fallen below $80 and are expected to fall further, which will bring pressure on inflation, economic growth in India and the rupee. Apart from this, FII selling has also reduced due to reduced global uncertainty, which has strengthened the market sentiment.
Where is the technical support for Nifty?
Om Mehra, Technical Research Analyst at SAMCO Securities, sees a bullish trend for Nifty on the daily chart. If the index closes above 24,030, the bullish trend is likely to return strongly, taking Nifty towards the range of 24,300-24,380. At the same time, if profit-booking continues, support is expected in the 23,880-23,800 zone.
Strong underlying market trend
HDFC Securities Technical Research Analyst Nagaraj Shetty said that the underlying trend of the market is positive. If Nifty remains above the level of 24,000-24,100, it is likely to move towards 24,500. Immediate support is at 23,800.
