
Nifty Prediction for Monday: Bullish Engulfing Candle Signals Strong Upside Momentum
The Indian stock market is set to open on a positive note next week. According to Nifty Prediction for Monday, the index has formed a bullish engulfing candle on the daily charts, reflecting strong buying interest and positive sentiment in the short term.
The Nifty 50 closed the previous session at 23,350.40 after gaining 159.75 points, while the Sensex ended 557.45 points higher at 76,905.51. This continued rally was driven by strong foreign fund inflows and a surge in banking stocks. The market momentum looks favorable, with resistance placed at 23,400 and immediate support near 23,200.
Nifty Chart Analysis: Resistance at 23,400, Bulls Eye 23,800
As per Nagaraj Shetti, Senior Technical Analyst at HDFC Securities, the Nifty daily chart displays a bullish long candle pattern, indicating a continuation of the current upward trend.
“Crossing above the 23,000 mark has strengthened the bullish bias. If the index maintains this momentum, the next target will be around 23,800. The immediate support is expected at 23,250,” Shetti added.
Nifty Prediction for Monday: Critical Resistance Zone at 23,600
Rupak De, Senior Technical Analyst at LKP Securities, echoed the bullish outlook, stating that Nifty Prediction for Monday looks promising after the trendline breakout.
“A sustained move above 23,400 could add another 200 points to the index, taking it towards the next resistance at 23,600. Breaching 23,600 might trigger a fresh rally towards 23,800,” he explained. However, failure to surpass 23,400 could lead to short-term range-bound consolidation.
Key Nifty Support and Resistance Levels: Experts Share Insights
Ajit Mishra, SVP – Research at Religare Broking, said the Nifty is currently testing its crucial resistance near the 23,400 mark. “A decisive breakout above this level could drive the index towards 23,800-24,100 in the coming days. On the downside, 22,750-23,000 is expected to act as strong support,” he stated.
Adding to the analysis, Devarsh Vakil, Head of Prime Research at HDFC Securities, highlighted that the 200 EMA at 23,400 remains a key hurdle. “If Nifty surpasses this zone, it could climb towards 23,800. Immediate support is seen around 23,200-23,250 levels,” he said.
Nifty Weekly Chart Outlook: Bullish Pattern Supports Uptrend
Om Mehra, Technical Analyst at SAMCO Securities, noted that Nifty formed a bullish engulfing candle on the weekly chart, which confirms the strength in the current uptrend.
“The 9 EMA is nearing a bullish crossover with the 50 EMA, signaling further upside potential. Daily RSI above 65 also supports the bullish outlook. Resistance is seen at 23,410, followed by 23,500, which could pose a temporary hurdle. Support is placed at 23,240 and 23,180 for any pullbacks,” he added.
Nifty Prediction for Monday: What Should Traders Watch?
Based on expert opinions and technical indicators, Nifty Prediction for Monday points towards continued positive momentum. A breakout above 23,400 may drive the index towards 23,800-24,100 levels.
However, traders should closely monitor support zones at 23,200 and 23,000. Maintaining above these levels will be crucial to sustaining the ongoing bullish trend.