Pivot charts suggest key support level for Nifty is placed at 12,065.63 and if the index continues moving up, key resistance level to watch out for will be 12,125.33.
A positive global sentiment, underpinned by hopes of a trade deal between the US and China, extended to the Indian market as the benchmarks Sensex and Nifty registered record closing highs on Wednesday, November 27.
"Market was cheerful with hopes that the government will consider new scrappage policy while metals were positive about developments of first phase US-China trade deal. Rate sensitive stocks like banks did well in expectation of a rate cut by the RBI. The market is expecting more measures from the government which may consider an industry-specific policy to support growth," said Vinod Nair, Head of Research at Geojit Financial Services.
Renewed buying interest was seen towards the end of the session that pushed Nifty beyond the daily upper Bollinger Band. Experts think the Bands are now about to get into an expansion phase. This will assist the price action on the way up.
"On the daily chart, Nifty has formed an inside bar today, for which the breakout level is at 12,133. Fresh buy positions can be initiated once the level of 12,133 gets taken out. The subsequent target on the upside will be 12,350. On the downside, the range of 12,030-12,000 will act as a key support zone for any minor dip," said Gaurav Ratnaparkhi, Senior Technical Analyst
at Sharekhan by BNP Paribas
Source : Money Control
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