Tech View: Bull calls of Nifty @ 20,000 getting louder. What traders need to do on Friday

Nifty on Thursday went beyond the instant resistance of 19,650 levels to close 116 points greater and formed a long bull candle light on the day-to-day chart. The total chart pattern is suggesting a bigger advantage breakout of a wider consolidation/triangle pattern of the last 5 weeks and this is opening a possible advantage target for Nifty around 20,000-20,200 levels over the next number of weeks, stated Nagaraj Shetti of HDFC Securities. The day-to-day and the per hour Bollinger bands have actually started to broaden and costs are trading along the upper band suggesting that the momentum is most likely to continue. Both rate and momentum signs recommend that there is additional upside over the next couple of trading sessions, experts stated. What should traders do? Here’s what experts stated: Shrikant Chouhan, Head of Research (Retail), Kotak Securities Nifty effectively cleared the short-term resistance of 19,650 and post breakout it magnified the favorable momentum. Greater bottom development on intraday charts and bullish candle light on everyday charts support additional uptrend from the existing levels. We are of the view that 19,650 would be the essential level to keep an eye out for, and above the very same the index might go up to 19,800-19,825. On the other hand, bel
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