Nifty50 extends upward journey to 20,200, may test 20,500 soon
The Nifty50 index on September 15 surpassed 20,200 levels for the first time, backed by banking & financial services, auto, technology, and pharma stocks. Analysts say that bulls seem to be in control and may take the Nifty50 towards 20,500 levels in coming sessions, provided it holds 20,000-19,900 levels.
On the weekly scale, the Nifty50 has formed strong bullish candlestick pattern for yet another week, with above average volumes, indicating the possibility of more uptrend. The index gained 1.9 percent or 372 points for the week.
The Bank Nifty index also stayed positive for third straight day, rising half a percent or 231 points to 46,232 and formed bullish candlestick pattern with minor upper shadow on the daily scale. The index went closer to its record high of 46,370 on July 21.
On the weekly timeframe, the Bank Nifty has formed long bullish candlestick pattern with above average volumes and gained 2.4 percent for the week. Hence, the decisively close above record high can push the index towards 47,000 levels, experts said.
Analysts are bullish on the Nifty50 and Bank Nifty in the short term and see potential for further upside. However, they advise traders to maintain caution and keep a close eye on the support levels.
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