Analysts said there was no confirmation that a higher top reversal pattern would develop on the highs.
Options data suggests a wider trading range between 17,900 and 18,700 areas than immediate trading between 18,100 and 18,600 areas.
What should traders do? Here’s what the experts said:
Manish Shah, Independent Trader and Trainer
Nifty could see a rally towards 18,650-18,700 in the coming days. Support in Nifty is 17,900 and as long as this support holds, the market can be expected to be in a general upswing. Any short-term decline to 18,250 is a buying opportunity in the Nifty.
Nagaraj Shetty, Technical Research Analyst, Securities Trading
The near-term upside position is intact and the market is now showing minor consolidation at the barrier at 18,350 levels. Head movement/minor weakness could continue for the next 1-2 cycles before showing another round of sharp bounces upwards from higher lows. Immediate assistance is set to 18250.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
For the index, 18,250 and 18,200 would be key support zones and above the same, it could retest the 18,390 level. Any further gains could lift the index to 18,500. Below 18,200 any rally would be fragile.
Deepak Jasani, Head of Retail Research, HDFC Securities
Tomorrow will be the last day for Q2FY23 results and the market may then focus on overall sentiment versus specific stock actions. Nifty may take support from 18,202-18,259 band while 18,399 may provide resistance in near term.
Ajit Mishra, Director – Research, Mediation
Although we are inches away from the record high, the lack of momentum is keeping participants, especially traders, on their toes. In addition, the lack of wider participation adds to their concerns. Amidst all this, we reiterate our view of focusing on identifying the top performers from all sectors and using breaks and dips to add to them gradually.
Rupak De, Senior Technologist at
On the daily chart, the index has remained above the 50 EMA (17,619), confirming a positive trend. The momentum indicator is in a positive cross and rising. The short-term trend looks positive. On the higher end, resistance is visible at 18,450-18,500. On the lower end, support is visible at 18,250.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of Economic Times)