The week was marked by consolidation as prices remained range-bound after Monday’s gap-up, said Rajesh Bhosale, equity technical analyst at Angel One. Decoding the daily chart, he said a defined range has emerged with the support base shifting higher to the 24,000–23,900 zone while on the other side, the 50 DEMA and 89 DEMA continue to act as formidable resistance around the 24,350–24,400 zone. .
What should traders do? Here’s what analysts had to say:
Jatin Trivedi, LKP Securities
Following a positive morning session, the Nifty moved sideways in the afternoon, mostly trading in the 24,050-24,150 range. As the index is above 23,870, there is a slight improvement in sentiment. Going forward, the trend may be sideways to the positive in the short term, if it stays above 23,870. On the higher end, resistance is seen at 24,400-24,500.
Jatin Gedia, Meera Asset Sherkhan
The Nifty opened on a flat note and saw a recovery after a steep decline in the previous trading session to close with a gain of ~217 points. On the daily chart we can observe that the Nifty did not follow the selling pressure from the previous trading session and in fact regained most of the lost ground. Both daily and hourly momentum indicators are now synchronized. Thus, both the price and momentum indicators point to a continuation of the upward movement towards 24,400. 23800 is a critical support zone on the downside.
Hrishikesh Yedve, Asit C. Mehta Investment Intermediates
The Nifty opened flat, experienced significant buying demand and ended the day higher around the 24,131 level. Volatility index India Vicks fell 5.12% to 14.43, indicating reduced market volatility.
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Technically, on the daily chart, the Nifty has regained the support of the 21-day exponential moving average (DEMA) and formed a green candle, indicating strength. On the upside, the index will find immediate barriers near the 24,350-24,360 level. The 21-DEMA is placed near 24,080, which will act as immediate support for the index after 23,570, where the 200-day exponential moving average (DEMA) support is placed. As long as the index remains below 24,360, traders should focus on booking profits on the bounce and wait for a fresh breakout.
(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)
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