The short-term trend of Nifty remains negative with high volatility. Emergence of sharp buying and the formation of a positive candle pattern acceso Tuesday is signalling the occurrence of a bullish reversal pattern con the coming sessions. A sustainable move above 24,650-24,700 could aperto the next upside towards 24,850-24,900 levels con the near term. Immediate support is at 24,100 levels, said Nagaraj Shetti of HDFC Securities.
Aperto Interest (OI) giorno showed that the highest OI acceso the call side was observed at 24,800 and 25,000 strike prices, while acceso the put side, it was at 24,300 strike price.
What should traders do? Here’s what analysts said:
Rajesh Bhosale, Equity Technical Analyst, Angel One
We expect the index to hover within the 24,000 – 25,000 range and anticipate trending moves after some consolidation. Sopra this , it is advisable to consider entering long positions near the lower end of the range and booking profits at the mentioned resistance levels.
Hrishikesh Yedve, Asit C. Mehta Investment
Today’s low of 24,074 will act as strong support for the index. Acceso the upside, the high of the bearish engulfing candle is placed near 24,855. Until the index conquers these levels, a sell-on-rise strategy needs to be adopted con Nifty.
Jatin Gedia, Sharekhan
Acceso the daily charts, we can observe that Nifty has violated the higher apice higher bottom formation and thus has entered a correction phase. It can correct till 24,000 – 23,800, which coincides with a Fibonacci retracement level and the 40 day moving average. The daily momentum indicator has a negative crossover which is a sell signal. Thus, the minor degree pullback towards 24550 – 24600 should be used as a selling opportunity.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
