Analysts said that Nifty is in a short-term uptrend as it moves above the previous swing highs of 17,429 and has made higher lows in recent weeks.
“Now it needs to be above 17,500 zones to see an upward move towards 17,777 and 17,850 zones while placing supports at 17,442 and 17,350 zones,” Chandan said
Options data points to a move in a trading range between 17,300-17,800 zones, while an immediate trading range lies between 17,400-17,700 zones.
What should traders do? Here’s what analysts said:
Rupak De, Senior Technical Analyst at
The 50EMA on the daily chart remained below the index level, confirming the ongoing uptrend. The momentum indicator on the daily chart remained in the bullish crossover. The short-term trend remains positive with the potential to take the Nifty towards 17,700. On the lower end, support is visible at 17,400.
Ajit Mishra, Vice President – Research, Mediation
Markets are digesting recent gains. However, sentiment is still upbeat thanks to palpable buying interest with every dip. We see limited participation across sectors, so the focus should remain on stock selection.
Needless to say, a further rebound in global indices, particularly the US, would reinforce the trend and help the Nifty50 close in on 17,800.
Nagaraj Shetti, Technical Research Analyst, Securities
While the Nifty has continued to move higher after recovering from last week’s supports, the index is trading near strong resistances and needs to break above them to move higher. Upside momentum will increase if the Nifty can break through the immediate resistance at 17,608.
We recommend a stock-specific approach and recommend buying from sectors showing relative strength.
Manish Shah, Independent Trader and Coach
Nifty is in a steady uptrend as the index has moved above its 20-day moving average. The MACD line has crossed the zero mark. Nifty should now see a steady rally to 17900-17950 as it attracts buyers at lower levels. We now have just three full trading days before the October contracts expire. Expect the overall tone of Nifty to remain bullish for a rally to 17900-17950 before the end of the month.
(Disclaimer: Experts’ recommendations, suggestions, views and opinions are their own. These do not represent the views of Economic Times)
https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-could-be-forming-strong-base-near-17400-what-investors-should-do-on-friday/articleshow/94990903.cms nifty outlook: Tech View: Nifty could be forming strong base near 17,400. What investors should do on Friday