Going forward, 19,600-19,500 is expected to act as a crucial support for the Nifty50 in coming sessions, and if it manages to sustain above then the gradual upmove towards 20,000 can be possible, experts said
The trend is definitely positive, but considering the one-way rally of last several sessions, the possibility of some profit taking can't be ruled out in near term before we are getting into next leg of upmove, experts said.
The momentum indicator RSI has sustained above the 65 level on all the time frames like daily, weekly and monthly indicating strong positive momentum of the index.
The Board of Century Textiles & Industries at its meeting held on 12 July 2023 has approved the proposal to acquire the land parcel situated at Kalwa, Thane, Maharashtra from Hindalco Industries (HIL) for a total consideration of about Rs. 595 crore to be paid over a period of time in multiple tranches and 1.5% of the Sales Revenue.
The benchmark Nifty is likely to march towards 19,300-19,500 levels in coming days, as long as it holds the 19,000 mark, which is an immediate support, then 18,800 levels, experts said