“Nifty had a decent rally from the lows of 15,200 levels with currently almost attaining the downward sloping trendline resistance zone of 17,800 where there is a crucial resistance barrier, and the chances of anticipating some dip or correction can’t be ruled out. The index got the 17,200 and 17,000 levels where the significant 200 DMA lies as the strong support zone, and there should be a good genuine reason to break those levels. At the same time, a decisive breach and close above 17,800 would trigger another upward movement till around 18,300 levels in the coming days,” said Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher.
“Multiple narrow range candles could attract some price consolidation; however, the appearance of three upward gaps in the past ten sessions with momentum oscillators hovering at the overbought zone is likely to trigger relatively higher price volatility. Nifty’s immediate trading band is between 17,400-17,800 zone,” said Amit Trivedi, CMT, Technical Analyst – Institutional Equities, Yes Securities.
Here are three stock recommendations that analysts suggest for Friday: