Nifty climbs above 24300, can it sustain gains?

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The market close d above 24300 on Tuesday’s expiry could be a short-covering or roll over effect but it is a structurally positive sign and if it holds can take market higher to 24500-24800 level.

On the downside 24250-24200 are support for the trading range, while the structure looks positive market is missing the thrust factor in large caps and breakouts in stocks. Interestingly midcaps are seeing upbeat momentum.

Tradzo’s momentum indicator tells that market is divided with a positive bias after yesterday’s closing, but lacking thrust, how market and stocks react in 2nd half of the week may provide a better picture.

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Crude has cooled off to $86/bbl after climbing above $93/bbl amid US threatening secondary sanctions and removing countries from US dollar system to put pressure on Iran.
Gold & silver charts are showing signs of another up move as dollar weakens and risk in US treasury reaches 2007-08 levels.

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At 24752 nifty has completed 61.8% retracement for the entire fall and now breaching below the trend-line support of 23900 may resume down trend to 22500-22000 level in the coming month.

The market may see a tug of war between bulls & bears and may act as trend deciding factor between psychological support of 24000 and closing swing low of 23767.

The market moves on factors beyonds charts, understanding Geo-political developments to macro risk scenarios are important to be relative in the market. it.

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