Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities, believes the Nifty has a strong possibility of holding above the 23,000 mark and attempting a move towards 23,500 next week, provided it sustains above its key support zone of 22,800-22,750.
Nifty has formed a strong bullish candle on the weekly chart after a Doji formation in the previous week, indicating a potential trend reversal from a crucial support area, he said in an interview with Moneycontrol.
Even after recent sharp rally, Sudeep Shah has not yet shifted from a ‘sell on rallies’ approach to a ‘buy on dips’ strategy.
Meanwhile, he is bullish on TVS Motor Company, and Eternal for next week. "TVS Motor has given a downward sloping trendline breakout on the daily timeframe, while the price action and indicators alignment suggests that Eternal is poised for a breakout and move higher," Sudeep Shah said.
Is the significant trendline breakout in Indian Hotels indicating the potential for a sustained uptrend?