The overall structure shows that the index is likely to witness consolidation in the range of 17,000-17,500 in the coming sessions. Indicators such as RSI and MACD are indicating neutral views as of now in the daily chart.
Options data suggests a broader trading range between 16,800 to 17,700 zones while an immediate trading range is between 17,000 to 17,500 zones, said Chandan
What should traders do? Here’s what analysts said:
Rupak De, Senior Technical Analyst at
The trend is likely to remain sideways in the near term. Over the near term, the Nifty may move within the range of 17,000-17,300. A decisive fall below 17,000 may trigger selling pressure in the market. On the higher end, a decisive move above 17,300 may induce a rally towards 17,600.
Ajit Mishra, VP – Research, Broking
Nifty can extend the rebound if it manages to reclaim 17,400 else consolidation will continue. Meanwhile, we feel participants should maintain their focus more on risk management and limit the leveraged positions.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by
On the higher side, the short-term upside is capped near 17,400-17,500. The overall structure shows that the Nifty can consolidate near 17,000-17,500 in the short term.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Technically, the Nifty found support near 17,050 and bounced back sharply. On daily charts, the index formed a bullish candle and a reversal formation, which is broadly positive. For traders, the support shifted to 17,150 from 17,050. Above 17,150, the index could retest the level of 17400-17450. On the flip side, a fresh round of selling is possible only after the dismissal of 17150. Below this, the index could slip to 17,050-17,000.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)