Shutterstock.comReeling under pressure amid the surge in rupee to a record low against the US dollar after the outcome of the Fed meeting, Sensex and Nifty ended with cuts for the second day on Thursday. On the daily chart, Nifty formed a Doji candle indicating indecisiveness. The index formed lower top formation on daily and intraday charts and closed below the 20-day SMA (Simple Moving Average), indicating continuation of weakness in the near future.
Chart readers say the key resistance levels for Nifty50 are 17,800 and on the downside 17,400 can act as strong support.
On Friday, IT stocks would be under the lens after Accenture said its Q4 revenue rose 15 per cent to $15.4 billion.
Here’s what analysts said:
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by
The levels of 17,700-17,720 are acting as an immediate resistance zone. The tough battle between bulls and bears is a typical characteristic of a consolidation phase. Within this consolidation, the index is expected to slide down to 17,430 and subsequently to 17,200 in the short term.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
The index has been consistently facing resistance at higher levels and at the same time regularly taking support near the 17,500 level. For traders, 17,500 and 17,700 would be the important levels to watch out for and below 17,500, the index could slip till 17,400-17,350 levels. On the flip side, a range breakout over 17,700 could push the index up to 17,800-17,850.
Devarsh Vakil, Deputy Head of Retail Research, Securities
The level of 17,430 is an important support level for Nifty. Any level below 17,430 will confirm lower top and lower bottom formation which would be considered bearish. On the higher side, 17,920 is a crucial resistance and unless that is taken out, aggressive longs should not be taken.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The short term trend of Nifty continues to be choppy. The formation of candle pattern at the supports on Thursday and the overall chart pattern signal a possibility of an upside bounce in the short term. Immediate support is placed at 17,530 and the next overhead resistance to be watched at 17,750 levels.
Palak Kothari, Choice Broking
Nifty has been facing resistance from 21-DMA as well as the middle band of Bollinger which adds bearishness to the price. The daily momentum indicator MACD was trading with a negative crossover which points out weakness in the counter. Overall, Nifty is looking volatile and may find support around 17,500, while a breach below will open the gate for 17,380-17,200 levels.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Chart readers say the key resistance levels for Nifty50 are 17,800 and on the downside 17,400 can act as strong support.
On Friday, IT stocks would be under the lens after Accenture said its Q4 revenue rose 15 per cent to $15.4 billion.
Here’s what analysts said:
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by
The levels of 17,700-17,720 are acting as an immediate resistance zone. The tough battle between bulls and bears is a typical characteristic of a consolidation phase. Within this consolidation, the index is expected to slide down to 17,430 and subsequently to 17,200 in the short term.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
The index has been consistently facing resistance at higher levels and at the same time regularly taking support near the 17,500 level. For traders, 17,500 and 17,700 would be the important levels to watch out for and below 17,500, the index could slip till 17,400-17,350 levels. On the flip side, a range breakout over 17,700 could push the index up to 17,800-17,850.
Devarsh Vakil, Deputy Head of Retail Research, Securities
The level of 17,430 is an important support level for Nifty. Any level below 17,430 will confirm lower top and lower bottom formation which would be considered bearish. On the higher side, 17,920 is a crucial resistance and unless that is taken out, aggressive longs should not be taken.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The short term trend of Nifty continues to be choppy. The formation of candle pattern at the supports on Thursday and the overall chart pattern signal a possibility of an upside bounce in the short term. Immediate support is placed at 17,530 and the next overhead resistance to be watched at 17,750 levels.
Palak Kothari, Choice Broking
Nifty has been facing resistance from 21-DMA as well as the middle band of Bollinger which adds bearishness to the price. The daily momentum indicator MACD was trading with a negative crossover which points out weakness in the counter. Overall, Nifty is looking volatile and may find support around 17,500, while a breach below will open the gate for 17,380-17,200 levels.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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