Nifty today formed a bullish candle with a longer lower shadow on the daily and weekly scale, which indicates buying interest on declines. Now, it needs to hold above 17,850 zones, for an up move towards 17,950 then 18,081 zones whereas supports are placed at 17,777 and 17,650 zones, said Chandan of .
Fear gauge index India VIX moved down 8.47% from 15.73 to 14.39 levels. Volatility has been cooling down from higher levels from the last two sessions and now needs to hold below 14 zones for market stability.
Option data suggests a broader trading range between 17,400 and 18,300 zones while an immediate trading range between 17,600 and 18,000 zones.
What should traders do? Here’s what analysts said:
Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
As long as Nifty holds above its make-or-break support at 17,353 mark, optimism may continue. Nifty’s immediate goal post is seen at the 18,000 mark with aggressive targets at the psychological 18,300 mark.
Ajit Mishra, VP – Technical Research, Broking
Participants should continue with a cautious stance until Nifty decisively reclaims 17,900 levels. Meanwhile, the focus should be on sectors like IT, FMCG and select auto and banking names that are seeing buying interest. With all the major events behind us, the performance of the global markets will be in focus for cues.
Rupak De, Senior Technical Analyst at
On the daily chart, we find that the index has found support at the lower band of the falling channel before moving higher. In the near term, the index may continue recovering towards 17,950–18,000. On the lower end, support is visible at 17,450.Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities
Technically, for Nifty traders, the immediate hurdle would be the 20-day SMA (Simple Moving Average) or 17,950. As long as the index is trading above 17,700, the pullback formation is likely to continue above which it could move up to 18,000. On further upside the index could move up to 18,150. On the flip side, below 17,700 the weak sentiment is likely to accelerate and below the same the index could retest the level of 17,500-17,400.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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