Nifty: Tech View: As bulls roar, Nifty50 sets sight on the 9,600-9,700 range

New Delhi: Nifty50 on Wednesday took out its immediate resistance at 9,400 level with a bang. Analysts were expecting the index to gain at least 200 points on a decisive breach of this level. Now, they expect the index to trend up towards the 9,600-9,700 range.

For the day, the index added 172 points, or 1.84 per cent, to close above the 9,550 mark at 9,553.

“A sustained trade above the 9,500 level could stretch the gains to 9,660-9,680 levels, which happens to be the upper end of the Rising Wedge pattern. A failure to stay above the 9,500 level can trigger profit booking and take Nifty towards the 9,400 mark,” said Aditya Agarwala, Senior Technical Analyst at YES Securities.

Arun Kumar, Market Strategist at Reliance Securities, said given the broad improvement in market sentiment and buy triggers from various metrics, Nifty is set to extend the current rise towards 9,800 and 9,900 levels.

The momentum clearly seems to be in favour of the bulls as of now, as the recent underperformer banking index too has started seeing buying interest in the past couple of sessions, said Ruchit Jain of Angel Broking.

“Traders are advised to trade with the momentum and ride the short-term trend until any reversal signs appear,” he said.