Analysts were concerned about the tight trading range for the day. They see no signs of the index breaking above the 17,000-500 range any time soon.
Angel Broking’s Osho Krishan said the market showed slight range-bound movement during the session, suggesting the bears are not giving up anytime soon. “But the cops also stood their ground and pounced on every small burglary,” he said.
The 17,150-17,100 area is likely to act as a cushion, followed by the 17,000 sacred support zone, Krishnan said, adding that 17,400-17,450 followed by the 17,500 stable wall will be the resistance levels for upcoming sessions.
“It remains crucial for the index to hold above 17,235 as a break here can generate intraday selling pressure. Conversely, if the bulls manage to push the index above 17,350, strength could extend towards 17,450. No sustained move higher is expected unless Nifty50 clears 17,450 hurdle on closing basis,” said Chartviewindia.in’s Mazhar Mohammad.
For the day, the index closed at 17,325.30, up 103.30 points, or 0.6 percent.
Nagaraj Shetti, Technical Research Analyst at HDFC Securities, a small bullish candlestick with a small shadow indicates a subsequent move higher amid a range bound move.
“Nifty50 is attempting to stage an upside breakout of the range move of the last 6-7 sessions around the 17,450 level. This is a positive sign and one can expect a strong upward movement of the market on the breakout of the sideways movement. Positive sequences such as higher highs and higher lows are also intact according to the daily timeframe chart,” Shetti said.
This analyst sees immediate support at 17,250.
https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-rangebound-traders-await-directional-cues/articleshow/90519576.cms nifty stock price: Tech View: Nifty50 Rangebound; Traders are waiting for directions