The general development of Nifty stays optimistic as per smaller to bigger time-frame chart. Having positioned on the hurdle of round 24400 ranges (1.618% Fibonacci Extension), there’s a chance of this consolidation/minor dip extending for the approaching classes. Instant assist is at 10 day-EMA at 23,990, stated Nagaraj Shetti of HDFC Securities.
Sturdy name writing was noticed at 24,400 strike whereas robust put writing was noticed at 24,300 strike in Nifty, which stored the index in a variety all through the day. The put writers have strengthened their place at 24,000 & 24,200 strike in Nifty.
What ought to merchants do? Right here’s what analysts stated:
Kunal Shah, LKP Securities
On the expiry day, Nifty witnessed consolidation at larger ranges however managed to commerce above 24,200. The upper-end resistance is positioned at 24500 the place the best open curiosity is constructed up on the decision facet. A break above this mark will probably see a recent transfer on the upside. The lower-end assist is on the 24200-24150 zone, and a decisive break under this degree may result in additional promoting stress in the direction of the 24000-23800 mark.
Shrikant Chouhan, Head Fairness Analysis, Kotak Securities
After a promising uptrend rally presently, the market is witnessing non-directional exercise at larger ranges, maybe merchants are ready for both facet to breakout. For the day merchants now, 24400/80390 could be the fast breakout degree. Above which, the market may rally as much as 24500-24525/80700-80800. On the flip facet, under 24280/80000 the sentiment may change. Under the identical, the market may retest the extent of 24200-24165/79700-79550.
Jatin Gedia, Sharekhan
On the day by day charts, we are able to observe that Nifty has reached the zone of 24370 – 24500 which coincides with the 150% fibonacci retracement degree of the earlier fall and might act as a resistance from a brief time period perspective. Furthermore, the destructive divergence and bearish crossover on the hourly momentum indicator suggests lack of momentum on the upside. Thus, we are able to count on some consolidation going forward. Aggressive longs must be prevented and a trailing cease lack of 24200 must be maintained for the lengthy positions.
(Disclaimer: Suggestions, strategies, views and opinions given by the consultants are their very own. These don’t symbolize the views of The Financial Occasions)
