Nifty50 has strong support at strong support at 16,200-16,170 levels: Santosh Meena of Swastika Investmart
“The Indian market is outperforming on the back of buying in large-cap stocks like the HDFC twins, Kotak Bank and Reliance. Nifty hit a fresh all-time high but midcap and smallcap stocks are struggling as DIIs are net sellers for the last few days and HNI investors are busy in the primary market,” said Santosh Meena, Head of Research, Swastika Investmart.
“A bullish momentum with a ‘buy on dip’ texture is still intact in the headline index, where 16,200-16,170 is acting as an immediate and strong support area, while 16,350-16,400 is acting as immediate resistance; Above these levels, 16,500/16,600 will be the next target levels. On the downside, 16,000-15,900 is a critical demand zone for positional traders. Reliance, IT stocks, and the Bank Nifty index may continue to outperform for a few more days. An immediate hurdle for the Bank Nifty index is at 36,500,” Meena said.