Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd, mentioned that Nifty had staged impressive rebounds from its 200-day exponential moving average (200-DMA). He pointed out that Nifty was approaching its all-time high of 23,338, which would act as immediate resistance. He suggested that a breakout above this level could push the index towards 23,500 and potentially 23,800. On the downside, he noted that the 23,000-22,800 zone provided immediate support, with the crucial 20-DMA around 22,600 acting as a stronger floor.
He added that with the Lok Sabha elections and the RBI policy decision behind, the focus had shifted to global factors. He emphasized that key areas to watch were the US Federal Reserve's interest rate decision, the rupee's movement against the dollar, crude oil prices, and commodity price trends.
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