Analysts were concerned over the narrow trading range for the day. They do not see signs of the index breaking above the 17,000-500 range anytime soon.
Osho Krishan of Angel Broking said the market showed a slender range-bound movement for the session, indicating the bears’ resilience not to give up easily. “But the bulls too stood firm and pounced on every minor dip,” he said.
The range of 17,150-17,100 is expected to act as a cushion, followed by the sacrosanct support zone of 17000, Krishnan said, adding that 17,400-17,450, followed by the sturdy wall of 17,500 will be the resistance levels for coming sessions.
“It remains critical for the index to sustain above 17,235 as a breach of this can attract intraday selling pressure. Contrary to this, if the bulls manage to push the index beyond 17,350, strength may extend towards 17,450. A sustainable up move shall not be expected unless Nifty50 clears the hurdle of 17,450 on a closing basis,” said Mazhar Mohammad at Chartviewindia.in.
For the day, the index closed at 17,325.30, up 103.30 points or 0.6 per cent.
Nagaraj Shetti, Technical Research Analyst at HDFC Securities a small bullish candle with a minor shadow indicates a follow-through upmove amidst a rangebound movement.
“Nifty50 is making an attempt to stage an upside breakout of the range movement of the last 6-7 sessions around 17,450 level. This is a positive indication and one may expect a sharp upmove in the market on the breakout of sideways range movement. The positive sequence like higher tops and bottoms is also intact as per the daily timeframe chart,” Shetti said.
This analyst sees immediate support at 17,250.
