He Nifty It is now located near the critical support level of 17,450-17.500 levels, and there is no indication of any reversal pattern occurring at the lows. At 17,421 levels, a new swing low was formed.
Chart The current set-up was voted by readers as likely to continue. Nifty under pressure, with a potential downside towards 17,150–17,200 over the short term. On 17.800 is the highest point, and it holds crucial resistance.
What What should traders do? Here’s what analysts said:
Jatin Gedia, Technical Research Analyst, Sharekhan By BNP Paribas
Nifty Trades around the critical support trendline that was drawn by joining the swing lows. On The hourly charts show a positive divergence and the hourly momentum indicator shows a positive crossover. This This indicates that a bounce can be achieved. The The bounce effect is likely to be temporary and will not cause a trend reversal. The Daily momentum indicator shows a negative crossover which is a sell sign. OverallThe downtrend remains intact, so any bounce should be used to open new short positions. We Expect the unexpected Nifty A short-term goal is to reach 17,350
Rupak De, Senior Technical Analyst At LKP Securities
Nifty It has fallen back into the falling channel increasing the likelihood of other downsides. The Bearish crossover is occurring at the 50DMA and 14DMA. AlsoThe current value is well below the critical near term moving averages with the momentum oscillator RSI (14) falling below 50 The The current setup is likely to continue. Nifty under pressure, with a potential downside towards 17,150–17,200 over the short term. On 17.800 is the highest point, and it holds crucial resistance.
Rahul Ghose, Founder & CEO – Hedged
Traders Should look to initiate long-term straddles on the monthly expired in this environment with weekly offs, as the VIX right now is far too low from a premium standpoint to create short transactions.
Amol Athawale, Deputy Vice-President – Technical Research, Kotak Securities
With The market is in oversold territory. We could see a quick rally if the index trades higher than 17,500. Above This means that the pullback formation will likely continue until 17,600-17,750. On The flip side is that as long as the index trades under 17,500, the weak sentiment won’t stop. Below The index could then retest the level at which the SMA was 200 days ago or 17,400.
(Disclaimer: RecommendationsThe opinions, views, and suggestions of the experts are entirely theirs. These They do not necessarily reflect the views Economic Times)
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