Nifty faces resistance at 23,200 as analysts advise caution
The index rose nearly 2 per cent last week to close near 23,050, according to the Economic Times.
The Nifty rose nearly 2 per cent last week to close near 23,050, but analysts are maintaining a cautious outlook as the index nears the 23,200 resistance level, according to the Economic Times.
Nagaraj Shetti, AVP of Technical Research at HDFC Securities, said the Nifty has broken above the 22,800 resistance and formed a higher bottom near 22,400. He suggested that a move above 23,200 could lead to further gains, while support is seen in the 22,600–22,800 range.
Sacchitanand Uttekar, VP of Research at Tradebulls Securities, noted that the Nifty has reclaimed its 20-day exponential moving average. He stated that while momentum is improving, the broader trend remains cautious because the index is below its declining 50-day EMA near 23,170.
Mehul Kothari, Vice President of Technical and Derivative Research at Anand Rathi Share and Stock Brokers, said a decisive breakout above 23,200 is required for a sustainable recovery. He identified immediate support at 22,600 and 22,400.
Regarding specific stocks, Kothari recommended buying BSE with a target of Rs 3,900 and buying ITC with a target of Rs 295. Uttekar suggested buying Coforge with a target of Rs 2,356 but advised selling Radico with a target of Rs 3,800.
