“Now, it has to hold above 18,000 zones, for an up move towards 18,200 then 18,350 zones whereas supports are placed at 17,950 and 17,888 zones,” said Chandan
Options data suggests a broader trading range between 17,600-18,600 zones while an immediate trading range between 17,900-18,300 zones.
What should traders do? Here’s what analysts said:
Manish Shah, Independent Trader and Coach
The underlying trend indicators are bullish and the Nifty, as yet, shows no signs of a reversal. For the rally to continue, Nifty needs to trade above 18,200. Once this happens, we could see a rally to 18,600-18,700 and support at 17,800-17,900. Expecting a low volatility phase to continue for some time.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
The current market texture is non-directional. Perhaps, traders are waiting for either side to breakout. For the bulls, now 18,150/61,100 would be the fresh breakout level and above which the index could rally till 18,250-18,300/61,300-61,500. On the flip side, a fresh round of selling is possible only after the dismissal of 17950/60500. Below which, the index could slip till 17850-17800/60300-60150.
Nagaraj Shetti, Technical Research Analyst, Securities
Though Nifty placed at the crucial overhead resistance of 18,200 levels, the significant reversal pattern or any sharp weakness is missing at the highs. This could be a display of resilience of the market near the overhead resistance.
The positive sequence, like minor degree higher tops and bottoms, continued in the market, and Nifty is currently in an attempt of forming a higher bottom at the lows. We expect choppy movement to continue in the next 1 or 2 sessions before showing upside bounce from the lows. Immediate support is placed around 17,950-17,900 levels.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by
Once the level of 18,000 is breached on a closing basis, the Nifty will be set to test 17,800 on the downside. On the higher side, 18,200 will be the resistance for the short term. Thus, 17,800-18,200 will be the short-term consolidation range, within which the index is expected to move towards the lower end of the range.
Ruchit Jain, Lead Research, 5paisa.com
17,950 is the immediate support for Nifty, and a breakdown below the same could lead to a corrective phase in the near term. Hence, traders with long positions should refer to this as a make-or-break level and position their trades accordingly. On the higher side, 18200 is the immediate resistance above which the index would continue its momentum.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)