Now, till it holds below 17,950 zones, weakness could be seen towards 17,777 then 17,700 zones, whereas hurdles are placed at 18,018 and 18,081 zones, said Chandan
of Motial Oswal.
The daily RSI was in a bearish crossover on the daily timeframe, suggesting sluggish momentum.
Fear gauge index India VIX was down by 1.07% from 15.43 to 15.27 levels. Volatility needs to come below 14 zones for stability to resume.
Options data suggests a shift in trading range in between 17,600 to 18,300 zones, while an immediate trading range in between 17,700 to 18,100 zones.
What should traders do? Here’s what analysts said:
Jatin Gedia, Technical Research Analyst, Sharekhan by
The hourly momentum indicator triggered a positive crossover and is also showing divergence indicating that the momentum on the downside is weakening and the index is likely to start a fresh leg of up move in the next few trading sessions.Rohan Patil, Technical Analyst, SAMCO Securities
On the 2-hour chart, the triangle pattern is visible in the range of 18,150 – 17,750. In today’s session index showed a decent reversal from the lower band of the triangle pattern and promisingly defended the intraday low. Presently, Nifty50 is stuck in a no-trading zone and a break on either side of the range from 18,150 – 17,750 levels will decide the next trading setup.
Ajit Mishra, VP – Technical Research, Broking
Markets will react to the IT majors viz
and numbers in early trades on Friday. Besides, the reaction of the global markets to the US inflation will also be on the radar. On the benchmark front, we feel the prevailing tussle around 17,800 in Nifty will end soon. Meanwhile, the focus should be on sector/stock-specific opportunities, while keeping a check on position size.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)