Today, the bulls look very confused. What should investors do on Wednesday?
Nifty is currently at critical resistance above 17,800 levels and a decisive break of this area could pull Nifty back to the upside. Analysts say any weakness from here could find critical support around the 17,450-17,400 levels.
Sameet Chavan, Angel One
As far as levels are concerned, 17,700-17,800 is still
the wall and the moment we pass it convincingly, it opens the gate to 18,000 and beyond. On the downside, 17,600-17,500 would be considered immediate support. The major indexes may be consolidating, but the broader end of the spectrum continues to buzz.
Traders are advised to continue focusing on such potential candidates who are likely to continue their recent runs.
Ruchit Jain, 5paisa.com
Traders should avoid aggressive indicator trades. In the options segment, the addition of open interest is seen on call 17,800, seen as a near-term hurdle, while 17,500 is support, according to the data. Therefore, a break out of this range will only lead to a directional move and until then, the consolidation in the index may continue. Nifty intraday support levels for the upcoming session are located around 17,573 and 17,491, while resistances will be seen around 17,750 and 17,845.
Palak Kothari, Options Broker
Support for Nifty has shifted around the 17,450 level, while in the opposite direction, 17,770 could act as an immediate hurdle. Metals and energy stocks are trending up in the next session. Investors can add them at a discount.
Prashanth Tapse, Mehta Equities
Nifty’s line in the sand is 17,391 points, while the big hurdle is 17,777. On top, the next target is at the psychological 18,000 mark.
Shrikant Chouhan, Kotak Securities
As long as the index is holding the 17,550 level, it can retest the 17,750-17,850 level. On the other hand, a fresh sell-off may occur after the 17,550 level is eliminated, and if the decline continues, it can slide to 17,500-17,400.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own. These recommendations do not represent the views of The Economic Times)