A sustainable up move only above the hurdle of 18,650 levels could confirm an uptrend continuation pattern. Immediate support is placed at 18,350 levels, said Nagaraj Shetti, Technical Research Analyst at
Securities.
Today’s low of 18,345 in Nifty is expected to act as a short-term support. On the upside, 18,664 could act as a resistance for Nifty.
What should traders do? Here’s what analysts said:
Rupak De, Senior Technical Analyst at
Nifty has remained below the crucial level of 18,500 on a closing basis. During the day, Nifty fell lower but found support around 18,350 before closing just below 18,500. Going forward, the trend may remain negative, with support placed at 18,350/18,200. On the higher end, 18,600-18,670 may act as a crucial resistance.
Ajit Mishra, VP – Research, Broking
Markets are currently dancing to the global tunes and we expect the same trend to continue in the absence of any major domestic event. Traders should focus on sectors that are showing resilience viz. banking, FMCG and metal for long trades while IT and pharma may continue to trade subdued. At the same time, managing risk is also critical considering the upcoming event and data.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by
Nifty stepped into a short-term consolidation phase in the last week. As a result, it opened a gap down on December 12. On the downside, the bulls moved in to offer support as the index inched towards the short-term support of 18,300, which is 78.6% retracement of the recent up move. On the other hand, recovery for the day was restricted near 18,500. Overall structure shows that the Nifty can have a short-term consolidation in the range of 18,300-18,650. The Bank Nifty, on the flip side, is maintaining its positive trajectory.
(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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