Nifty forms Doji candle on weekly expiry day. What should traders do on Friday

Amid Expiry-day volatility, headline index Nifty On Thursday Formed a long-legged DojiThe daily charts show a -type candle. Chart Some readers suggest that such a pattern could be considered a reverse pattern on the upside following confirmation.

NowAs long as it does not fall below 17250 levels, weakness may continue to slide towards 17,000 and 16,800 levels. However, on the upside, hurdles exist at 17,250 levels and 17,350 levels. Chandan Taparia This is Motilal Oswal.

Fear gauge index India VIX was marginally lower at 0.60%, from 16.22 levels to 16.21. Volatility After a spike in the previous week, the market took a pause and was quoting at the highest levels for the 26 most recent trading sessions. This gave the overall grip to bears.

Options Data suggests that there is a wider trading range of 16,600 to 17500 zone, and a shorter trading range of 16,800 to 17,300 zone.

What What should traders do Here’s what analysts said:
Nagaraj Shetti, Technical Research AnalystHDFC Securities
The The lower tops and bottoms were maintained in the Nifty As per the daily chart Thursday’s A swing low of 16850 could be considered as a new lower bottom in the sequence. Further This reversal pattern could be confirmed upside, which could lead to a sustained upside rebound in the near term. A strong market rebound is possible if the market moves above the immediate hurdle at 17,200. Immediate The 16850 level of support is available.

Rupak De, Senior Technical Analyst LKP Securities
Nifty Support was found at the lower part of the falling channel, before it moved higher. On The daily chart, a long-legged Doji The formation of a pattern suggests indecisiveness. BesidesThe index found support in the face of previous congestion. Over In the short-term, the stock could move towards 17,250. On 16.950 is the lower end, close basis support.

Prashanth Tapse – Research Analyst, Senior VPResearch), Mehta Equities
TechnicallyMarket is oversold. We may see a bounce to 17,200, with support at 16,800-16.750. Looking The global market may see a slight bounce but overall the trend is bearish.

Ajit Mishra, VP – Technical Research, Religare Broking
Global Cues remain mixed. HoweverSupport around 16,800 is available to help with oversold positions, and other issues. Nifty It could trigger a rebound to the 17,200 zone. Having said that, participants shouldn’t go overboard and restrict positions to stocks that are showing relatively higher strength.

(Disclaimer: RecommendationsExperts’ opinions, suggestions, and points of view are their own. These They do not necessarily reflect the views Economic Times)