Nifty surges 8.5% in a week; analysts see more upside
Executive Brief • Key Highlights
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- ✓The Nifty gained over 8.5% during the week, rising more than 2,500 points to reclaim the 25,000 mark.
- ✓Analysts see more upside ahead, though they suggest buying on dips.
- ✓Chandan Taparia said, "The index could extend its rally towards 25,350 and 25,600 as long as it holds above this zone."
Story at a Glance
- Category
- Indian Markets
- Reported By
- The Economic Times
- Reading Speed
- 5 Minute(s)
- Market Focus
- India Economy
The Nifty gained over 8.5% during the week, rising more than 2,500 points from 22,500 and reclaiming the 25,000 mark. Analysts see further upside towards 25,300-25,600, although elevated volatility and overbought conditions could trigger a brief consolidation. Buying on dips remains the preferred strategy.
CHANDAN TAPARIA, HEAD – DERIVATIVES & TECHNICALS, WEALTH MANAGEMENT, MOTILAL OSWAL FINANCIAL SERVICES
The Nifty has formed higher highs and higher lows over the last seven sessions, supported by a strong bullish weekly candle. Having crossed resistance at 24,444-24,600, the index could extend its rally towards 25,350 and 25,600 as long as it holds above this zone. Key support is placed at 24,000.
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The Economic Times
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