Nagaraj Shetti, Technical Research Analyst at
Stocks, which said a positive candle after a negative candle on Friday indicates a range-bound action for the market, with a positive bias.
“Sustainable buying is only possible on a move above 17,800 and a slide below the immediate support of 17,300 could drag Nifty50 to the next support at 17,000 in the near term. However, the chart Weekly and monthly charts remain positive and Shetti said.
During the day, the index closed at 17,665.80, up 126.35 points or 126.35 points or 0.72%.
Sharekhan’s Gaurav Ratnaparkhi said the index is seeing short-term consolidation in the last few sessions, where gains have been capped at 17,700-17,780.
“This area is likely to attract a fresh sell-off. Structurally, the index is preparing for a downside move in short-term consolidation overall. On the other hand, 17.540-17,500 is the immediate support zone. , below which it would be set to test 17,200. Hourly & daily Bollinger Bands are in contraction mode thus suggesting that range-bound action could continue in the short term where the range is. would be 17,200-18,000,” he said.
Independent analyst Manish Shah said the pattern that is playing out appears to be a Bullish Flag or Pennant. He said the index faces hurdles at 17,750-17,800 and the ongoing pattern review and inability of sellers to push the market lower over the past 10 days is simply proof. for the resilience of Nifty50 compared to other stock markets around the world.
“Nifty50 needs to raise 17,750-17,800 for an uncontrolled attack on 18,100 and if 181.00 is dropped, expect a full move up to 18,600-18,900,” he said.
Kunal Shah, Senior Technical Analyst at
said the bulls continue to have the upper hand as the banking index closes near the immediate resistance of 39,800.
The index is trading in a strong uptrend with higher and higher low formations remaining intact across all timeframes, Shah added that once the index breaks through the mentioned barrier, it will see a sharp upward move towards the 41,000-41,500 zone. .
“Lower level support lies in the 38,800-38,500 zone where new deal deals have been observed,” added Shah.
(Disclaimer: The recommendations, suggestions, views and opinions expressed by experts are their own. They do not represent the views of The Economic Times)