Choice knowledge suggests a broader buying and selling vary between 17,350 and 17,750 zones resulting from a spike within the volatility Index.
Chart readers have noticed the formation of overlapping candles throughout the ongoing weak point and the absence of a pointy decline from the swing highs of February 16, indicating chance of an upside bounce to emerge from the lows.
Assist for the Nifty is seen at 17,353, which occurs to be Finances day low. Tomorrow is the expiry of each weekly and month-to-month derivatives.
What ought to merchants do? Right here’s what analysts stated:
Nagaraj Shetti, Technical Analysis Analyst, HDFC Securities
The optimistic chart sample like greater tops and bottoms is undamaged and current weak point might be according to the formation of latest greater bottoms of the sequence. However, nonetheless there isn’t a affirmation of any greater backside reversal on the lows. There’s a chance of an upside bounce out there from close to the assist of 17,700-17,750 ranges. Instant resistance is positioned at 17,950-18,000 ranges.
Rupak De, Senior Technical Analyst at LKP Securities
Nifty50 is buying and selling in a downtrend with lower-high and lower-low formation intact on the day by day and weekly charts. Momentum indicator RSI is on the verge of a breakdown and is prone to enter the weak zone. The view stays bearish so long as the index stays under the 18,000 mark and may slide in the direction of 17,400/17,200 ranges.
Rahul Ghose, Founder & CEO – Hedged
As the extent of 17,710 has been taken out, the near-term development has now turn out to be sideways to bearish pending the take out of the 200-day EMA and SMA. As soon as this additionally will get taken out, the development will get confirmed to bearish.
Shrikant Chouhan, Head of Fairness Analysis (Retail), Kotak Securities
Because the market is in an oversold zone, we may see a pointy pullback rally, if the index trades above 17,600. For merchants now, 17,600 could be the important thing stage to be careful for and above the identical the pullback transfer will proceed until 17,700-17,750. On the flip aspect, under 17,600 the index may slip until 17,500-17,475. Contra merchants can take an extended wager close to 17,475 with a strict assist loss at 17,440.
Ajit Mishra, VP – Technical Analysis, Religare Broking
The tempo of decline was gradual until Tuesday however a pointy lower within the US markets has utterly modified the tone. Indications are pointing in the direction of the identical tone to proceed, with the following main assist across the 17,250-17,400 zone. In case of any rebound, the 17,700-17,900 zone would act as a powerful hurdle. Merchants ought to proceed with a “promote on rise” strategy and restrict positions
(Disclaimer: Suggestions, options, views and opinions given by the specialists are their very own. These don’t characterize the views of Financial Instances)
