After consolidating around the 17,800 zone for the last 3 sessions, any upside could lead the index towards the 18,000-18,200 zone.
“Structurally, the index is likely to trade sideways to bearish bias in the short term. As long as the Nifty stays below 17800 on a closing basis it is likely to test 17500 in the short term,” said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by
What should traders do? Here’s what analysts said:
Rupak De, Senior Technical Analyst at
Nifty has sustained above the crucial moving average on the daily timeframe, confirming the uptrend. On the higher end, the index may move towards 17,950. On the lower end, support is visible at 17,650/17,550.
Manish Shah, Independent trader and coach
There are no signs of any major selling pressure in Nifty. The index could still trade in a range of 17,800-17,650 for a day or two after which the rally should continue. On the upside major barrier is at 18,000-18,100.
Nifty should resume its upside trajectory once the minor resistance at 17,800 is swept away. Avoid selling the market and buy on any dips to 17,650-17,600. Stay long in a rising market.
Subash Gangadharan, Senior Technical and Derivative Analyst, Securities
The short term trend therefore remains up as the Nifty has moved above the previous swing high of 17,429 and made higher bottoms over the last few weeks. The index has also closed above a downward sloping trend line that has held down the highs of 2021 and 2022.
The index could witness a mild correction in the very near term. It is important that the Nifty holds above the immediate support of 17,607-17,505 for the uptrend to continue.
Ajit Mishra, VP – Research, Broking
The consolidation in Nifty is on expected lines and we recommend focusing more on the sector/stock selection for now. Apart from banking, sectors like auto and selectively pharma, realty and metal are likely to do well in near future. Participants should align their positions accordingly.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)