Chartist Talk: Can Nifty 50 extend gains towards 23,500 next week? Sudeep Shah's top picks are TVS Motor, Eternal
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Sudeep Shah of SBI Securities expects the Nifty 50 to hold above 23,000 and move towards 23,500 next week if it stays above 22,800.
- ✓He said, "TVS Motor has given a downward sloping trendline breakout." Shah also remains bullish on Eternal, while the Nifty IT index shows strong momentum.
Story at a Glance
- Category
- MARKET
- Reported By
- Moneycontrol
- Reading Speed
- 7 Minute(s)
- Market Focus
- India Economy
Market Mastery
Webinar by Vishal Malkan
Find the weak links
in your portfolio by Vishal Malkan
Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities, believes the Nifty has a strong possibility of holding above the 23,000 mark and attempting a move towards 23,500 next week, provided it sustains above its key support zone of 22,800-22,750.
Nifty has formed a strong bullish candle on the weekly chart after a Doji formation in the previous week, indicating a potential trend reversal from a crucial support area, he said in an interview with Moneycontrol.
Even after recent sharp rally, Sudeep Shah has not yet shifted from a ‘sell on rallies’ approach to a ‘buy on dips’ strategy.
Unlock the Full Story with ArthNow Premium
To continue reading this complete financial story and in-depth market context, upgrade to ArthNow Premium. Enjoy unlimited access across Web and Mobile.
Moneycontrol
Read the full, original unfiltered story directly on the publisher's portal.