“The weekly line chart of Nifty, discussed in the previous week, has now confirmed a breakout from falling trend line, and that indicates a possibility of further rise towards 17,600-17,800 mark. However, if we look at the daily chart, we can witness narrow range bodies in every trading session due to the tug of war between the bulls and the bears. This suggests that either market is indecisive and taking a breather or there could be exhaustion. In either case, the downside might get arrested at the 17,000 mark, now the placement of 200 DSMA,” said Mehul Kothari, AVP, Technical Research, Anand Rathi Shares & Stock Brokers.
Thus for the coming week, 17,000 would be strong support, while on the upside, 17,600-17,800 could be the resistance. We reiterate that trading during August 2022 might be difficult due to volatile moves on account of geopolitical issues,” he added.
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