Nifty ended higher on Monday, continuing their winning streak to a third successive session. Markets were triggered by strong buying action in heavy weight sectors like financials, energy and auto.
Rupak De, Senior Technical Analyst at LKP Securities said Nifty has reclaimed both the 20EMA and the 50EMA today after spending several days below the 20EMA, indicating a strong sign of sustained recovery in market sentiment. "The bullish crossover in the RSI is further supporting the positive momentum in the market. In the short term, the trend is likely to remain strong, with the potential to move towards 24,200 and higher. On the lower end, support is placed at 23,800, which had acted as a resistance level in the recent past," De added.
