Now, it is likely to remain volatile ahead of the Budget and needs to hold above 17,777 zones, for an up move towards 17,950 then 18,018 zones whereas supports are placed at 17,500 and 17,350 zones, said Chandan
of .
Fear gauge index India VIX moved down 4.71% from 17.71 to 16.87 levels. Volatility spiked above 18 levels during the day but fell later.
Option data suggests a broader trading range between 17,200 and 18,200 zones while an immediate trading range is between 17,450 and 17,850 zones.
What should traders do? Here’s what analysts said:
Rohan Patil, Technical Analyst, SAMCO Securities
Nifty has reversed from the support zone and managed to close above its 200 EMA placed at 17,550 levels.
A relief rally can be expected up to 17,900 levels from where selling pressure may be witnessed again until 18,050 – 18,100 takes out on a closing basis. On the lower side, immediate support is seen at 17,550 and below that at 17,400 levels.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Nifty found resistance near 17,750. As long as the index is holding the 17,500 support zone, the pullback formation is likely to continue. Above the same, the index could move up to 17,800-17,850. On the flip side, below 17,500, the market may witness a sharp selloff and on further correction, the index could slip till 17,400-17,350.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by
The index is heading towards the level of 17,800, which holds the key for further course of action from a short-term perspective. If the index manages to surpass 17,800, it will be poised for a larger up move. Till then a consolidation in the range of 17,400-17,800 is possible.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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