Analysts said the index has to hold above 17,442 zones for an up move towards 17,650 and 17,777 zones, whereas supports are placed at 17,350 and 17,250 zones.
Options data suggests a shift in a trading range between 17,200-17,800 zones, while an immediate trading range between 17,300 to 17,700 zones, said Chandan
What should traders do? Here’s what analysts said:
Rupak De, Senior Technical Analyst at The Nifty ended above the previous consolidation high for the second consecutive session. The trend is expected to remain positive as long as the index sustains above the crucial support of 17,400. On the higher end, resistance is visible at 17,700; above 17,700, the index may move towards 17,900. On the lower end, below 17,400, the index may drift down towards 17,250.
Ajit Mishra, VP – Research, BrokingIndications are pointing towards some consolidation in Nifty, and it would be healthy. Meanwhile, the performance of the global indices, especially the US, will remain on the radar. Since all sectors are contributing to the move, the focus should be more on stock selection, keeping in mind the prevailing earnings season.
Manish Shah, Independent TraderNifty is showing a pattern of higher highs, and higher lows, and the trend is up. As Nifty is an outperforming market, any uptick in US markets will result in magnified performance in Nifty.
The red candle suggests Nifty may be listless for the next couple of sessions, with two holidays next week due to Diwali. The overall trend structure remains up, and Nifty remains buy-on declines.
Ruchit Jain, Lead Research, 5paisa.comWe could witness intraday sell-offs, which could lead to higher volatility, but until the index breaks some important supports, we expect the market to trade with a positive bias and expect buying interest on declines. The RSI oscillator on the daily chart remains in a buy mode, while it has given a negative crossover on the hourly chart. This just indicates a possible profit booking and hence, one should look for buying opportunities on the decline and not chase the up move.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)