The market is now placed at the hurdle of a down-sloping trendline that connected recent lower highs at 21,725 level. Having shown a false downside breakout at 21,500 level on Wednesday, Nifty is expected to reach up to the upper trajectory of 21,750-21,850 levels in the near term. A decisive move above the hurdle of 21,850 could open sharp upside momentum. Immediate support is placed at 21,590 level, said Nagaraj Shetti of HDFC Securities.
What should traders do? Here’s what analysts said:
Kunal Shah, senior technical & derivative analyst at LKP Securities
Nifty faced selling pressure within the 21,700-21,750 range, yet found stability as it held above its 10-day moving average, concluding the session with a positive close. Presently, Nifty’s immediate support has shifted to 21,600, while 21,730 serves as a resistance level on the technical chart. The broader positional support for Nifty remains at 21,500.
Jatin Gedia, Sharekhan
The Nifty witnessed yet another volatile day of trade on Thursday. After a positive opening, it witnessed a sharp decline intraday and an equally sharp rebound helped the index close on a positive note up ~28 points. The intraday dip halted around the 21,650 – 21,630 zone where support in the form of the key hourly moving averages was placed. Until the range of 21,720 – 21,750 is not breached on the upside we expect the range-bound consolidation to continue. On the downside 21,550 – 21,520 is the crucial support zone.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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