Nifty could hit 13,150-13,200 in the coming sessions: HDFC Securities

Nifty50 index also remains above the 20-day SMA and has now closed at a new life time high after clearing the recent highs of 12,963

After taking a breather last week on the back of a minor correction, the Nifty resumed its bullish trend this week as it has surged higher to hit new lifetime highs. The Nifty has been continuously moving higher since the last few weeks after finding support at the 50-day SMA.

The 50-share index also remains above the 20-day SMA and has now closed at a new life time high after clearing the recent highs of 12,963. The odds, therefore, suggest that the index could further towards the 13,150-13,200 levels in the coming sessions. Short-term sell offs, however, cannot be ruled out.

We