Key Points
The simple 200-day moving average line is at 17,540 levels..
So, there is a chance that we could consolidate at current levels..
But slowly and steadily, we are likely to hit and test the 200-day moving average line going forward, says Mileen Vasudeo, Senior Technical Research Analyst, Arihant Capital Markets..
If you see on the Nifty chart and if you see the Fridays trading session, we opened up with a gap and the gap area is in the range of 17,204 to 16,940 levels..
This gap area is going to act as a very strong support going forward because we have come out of the consolidation phase; however, the volumes in the cash markets were not higher on Friday's trading session..
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24, Apr, 23We are seeing a time-wise correction over here and there is no clear trend at present. Markets are likely to head on the higher side. 17500-17450 is a strong demand zone. Similarly, Bank Nifty also has good support at 41,950-41,750 levels. But yes, we are seeing some time correction but eventually we are going to head higher.