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The Nifty closed above 11,200 levels, which has opened target towards 11,350-11,450 levels on the Nifty, technical chartists said.
The Nifty rose 2.4 percent for the week ended July 27. Experts feel the rally is not over yet and see the index hitting fresh record highs in the August series.
The index finally broke out of the range to hit a fresh record high above 11,171. It closed above 11,200 levels, which has opened target towards 11,350-11,450 levels on the Nifty, technical chartists said.
After the huge rally, the question that most investors are asking is whether the market is overbought now?
Experts feel the momentum has begun and the rally will take the index to fresh record highs before it halts. They advise investors to stay with the trend and not go short at current levels.
“There is still a long way to go, we would rather reframe it as the start of the new leg. With Friday’s gap-up opening, we see a breakout from previous highs with a breakaway gap indicating strong optimism to continue,” Sameet Chavan, Chief Analyst, Technicals, and Derivatives at Angel Broking, said.
“Since we have entered uncharted territory; it would be difficult to offer precise levels. We would not be surprised to see the index hastening towards 11,450–11,500 and beyond,” he said.
Chavan sees 11,185 followed by 11,092 as immediate supports. "Any possible decline towards these levels should ideally be used as a buying opportunity."
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On the daily chart, the stock is moving in a lower top lower bottom formation. The stock has formed a double bottom formation and has given a neckline breakout at Rs 308 levels.
Volumes are also increasing gradually which signals rising participation in the rally. The stock is well placed above its 100-day SMA which supports bullish sentiments ahead.
The daily strength indicator RSI and MACD both are in a bullish terrain which confirms strength in the near-term.
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With current week's 7 percent gains, the stock has decisively broken out its nine weeks down sloping channel breakout at Rs 900 levels on the closing basis.
This breakout is accompanied by a rise in volumes which confirms trend reversal on the daily and weekly chart. The weekly strength indicator RSI has given a positive crossover from the oversold region.
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With current week's 5 percent gains, the stock has decisively broken its resistance zone of Rs 377 levels on the weekly chart. The stock has also given its six months down sloping channel breakout at Rs 378 levels on the closing basis.
This breakout is accompanied by a rise in volumes which confirms trend reversal on the daily and the weekly chart. Currently, the stock is trading into a rising channel which supports a bullish trend in the short to near-term.
The weekly strength indicator RSI and the MACD both are in bullish terrain which confirms strength in near term.
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