Nifty RSI Suggests Strong Momentum, Potential to Move Towards 19,450 in Short-Term

The domestic market witnessed heavenly gains somewhat recently of June 2023, with benchmark indices hitting record highs for two continuous sessions towards the week's end in the midst of positive global economic surprises and proceeded with inflow of foreign investors in Indian equities, among other supporting factors.

Headline indices Nifty50 recorded its life peak of 19,201.7 places, surpassing the 19,200 mark on Friday, while Sensex scaled a record high of 64,768.58 places in the trading session on June 30, 2023, led by strong gains posted via auto, PSU banks and IT sectors.

The gauge of the main 50 Indian companies expanded a bull ride for the fourth consecutive session on Friday, flooding 2.9% in the period, and finished the session 1.14% higher.

The surge in the Nifty index followed a breakout from a time of consolidation, demonstrating a strong bullish reversal. By and large pattern seems positive in the close to term as the index has reliably stayed over its moving normal.

Further, the momentum indicator Relative Strength Index (RSI) has shown a bullish crossover on the daily time span, proposing strong momentum. Going on, Nifty precludes a possibility to move towards the 19450 mark for the time being, showing a further vertical development in spite of late record highs. Nonetheless, on the disadvantage, a help should be visible at 19000.

Generally, the market is right now displaying bullish attributes, with the Nifty arriving at new highs as long as it supports over 19000.