Can the Nifty scale past 23,000 this week? A look at key levels to watch

All eyes are on the market levels this week after the Nifty failed to close above 22,500 last week. Positive global cues are expected to boost sentiment. Market participants have noted that the Nifty 50 needs to jump above the 22,500 mark decisively for an uptrend as this has become a key resistance level while they’re seeing 22,200-22,300 level as an important support zone. 

“We believe that the current market texture is non-directional, and traders may be awaiting a breakout in either direction. For the bulls, the key breakout zone is at 22,650. A dismissal of the 22,650 breakout could push the market towards 22,800-22,900. Conversely, if the market falls below 22,300, selling pressure is likely to accelerate,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Also, the rally in the global markets on Friday is likely to uplift domestic market sentiments. 

“On the downside, bulls have exhibited strong resilience at the 22,200-support zone, forming a well-defined trading range. With Nifty trading close to its 20-day EMA, a decisive breakout above 22,550 could ignite a short-covering rally,” said Dhupesh Dhameja, Derivatives Analyst at SAMCO Securities.

However, SBI Securities took a different stance and said that it would continue to remain cautiously optimistic on the market due to the recent recovery as well as valuation easing. “Investors are recommended to stick to quality businesses with supportive valuations for medium to long term investment horizon,” SBI Securities said.

ALSO READStock Market Live Updates: Sensex, Nifty set to open higher on positive cues Markets’ recap

Last week, the Indian equity markets suffered heightened volatility following the global markets, which was due to US recessionary fears and the trade tariff war. Also, foreign institutional investors remained the net sellers for the whole week. They sold Rs 5,730 crore in the cash market. However, the markets were lifted a bit by the retail inflationary data of both – the US and India. 

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