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3514: Hot Stocks | Delta Corp, Hero MotoCorp, Kotak Mahindra Bank can give up to 27% return in short term
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On the monthly charts, Nifty has maintained its higher top higher bottom formation, and while it has formed a fresh lifetime high of 17,644.60.
On the weekly timeframe also, the index has been maintaining higher top higher bottom formation for the last seven weeks.
On the indicator front, RSI plotted on the daily timeframe can be seen sustaining consistently above the 65 mark which shows strong positive momentum for the short to medium term.
Key support levels for Nifty are 17,254 (2-week low) and 16,722 (gap support). On the upside, key resistance level is 18,111 (50 percent extension level of the rise from 7,511-15,431, projected from 14,151).
If the index sustains above this level, it may head higher towards 19,046 (61.8 percent extension level of the rise from 7,511-15,431, projected from 14,151).
We believe that the long-term bullish trend remains intact and the Nifty will move towards 18,111 and 19,046 levels in the coming weeks.