Headline index Nifty today formed a bullish candle with minor upper and lower shadows, indicating that the market is in a near-term bottom reversal mode and the Nifty is expected to show a pullback rally in the coming sessions.
Now, it needs to cross and hold above 17,650 zones, for an up move towards 17,777 then 17,950 zones whereas supports are placed at 17,500 and 17,350 zones, said Chandan
of .
Fear gauge index India VIX moved down 6.24% from 16.78 to 15.73 levels. Volatility cooled down from higher levels and needs to hold below 14 zones for market stability.
Option data suggests a broader trading range between 17,200 and 18,200 zones while an immediate trading range between 17,350 and 17,900 zones due to higher volatility.
What should traders do? Here’s what analysts said:
Rohan Patil, Technical Analyst, SAMCO Securities
Prices on the daily chart are continuously showing an effort to close above their 200-EMA placed at 17,550 levels. From the past five days, Nifty is hovering within the range of 17,900–17,400 levels. Any breakout or breakdown above or below the mentioned levels will trigger the next directional move in the benchmark index.
The immediate sentiment is likely to remain weak as long as Nifty remains below its 9-EMA, which is placed at 17,758 levels.
Rupak De, Senior Technical Analyst at
Nifty has been hovering within a falling channel, where it has found support at the lower band of the said channel. The trend looks negative, with the RSI trending upside down. A resistance level on the higher end is visible at 17,750, above which the Nifty may move up towards 17,950. On the lower end, support is pegged at 17,450, below which the correction may resume.
Nagaraj Shetti, Technical Research Analyst, Securities
The area of 17,500 (200-day EMA) has been acting as a strong support of the market in the last few sessions and we observe an emergence of buying interest from the lows. Hence, further upside from here could pull Nifty towards the crucial overhead resistance of 17,800 levels again in the next few sessions before showing another round of downward correction from the highs.
Prashanth Tapse, Research Analyst, Senior VP (Research), Mehta Equities
Nifty has support at its 200 DMA of 17,293 mark. On the upside, the index faces major hurdles at the 17,973 mark, while it can gain strength only above the 18,265 mark.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
