Chartist Talk: Can confident bulls drive Nifty 50 beyond 23,500 next week? Sudeep Shah spots bullish momentum in 2 stocks
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- ✓Sudeep Shah of SBI Securities says the Nifty 50 could reach 23,500 if it crosses the 23,200 mark.
- ✓He noted that the market setup turned constructive as the index reclaimed its 20-day EMA.
- ✓Shah also spotted bullish momentum in Gland Pharma and TVS Motor Company, suggesting strong buying interest ahead.
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- MARKET
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- MoneyControl
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- 7 Minute(s)
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- India Economy
Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities believes the short-term technical setup has turned constructive. Nifty has reclaimed its 20-day EMA, which is now gradually turning upward, while the daily RSI continues to trend higher, reflecting strengthening bullish momentum. According to him, for the higher-high, higher-low structure to sustain, Nifty 50 must decisively overcome the immediate hurdle placed around the 50-day EMA zone of 23,150-23,200.
A successful breakout above this level could pave the way for a move towards 23,500 and increase the probability of reclaiming key medium-term moving averages. Sudeep Shah sees bullish momentum in Gland Pharma, and TVS Motor Company.
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