“As of now, we expect a move to happen in the northward direction where 17,400-17,450 are the levels to watch out for. The moment we surpass this, we could see a lot of individual stocks participating in the next leg of the rally,” mentioned Sameet Chavan at Angel One.
A small physique of constructive candle with higher and decrease shadows point out an upmove with excessive volatility, mentioned Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“The uncertainty with regards to trend continued, as the market faced a strong overhead resistance around 17,300 level. The present confused state of mind in the market participant could drag Nifty50 down to 16,900 levels again in the short term,” Shetti mentioned.
For the day, the index closed at 17,245.05, up 206.65 factors or 1.21 per cent.
Independent Analyst Manish Shah mentioned there was no high-conviction bullish candle for the day and that the Tweezers Bottom sample means that an accumulation part is on for Nifty50.
“With each passing day, if Nifty50 holds above 16,700 chances of a revival to 17,800 improves,” he mentioned.
Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan mentioned the index has a stiff barrier close to 17,400-17,500 zone.
“Over there the index is expected to attract fresh selling pressure. On the flip side, dips towards 17,000 are getting bought into. Thus, the index is expected to witness sideways action in the range of 17,000-17,400 for the short term,” Ratnaparkhi mentioned.