Nagaraj Shetti of HDFC Securities believes the 17,600-500 levels would hold up well and that any fall towards that level, as seen on Thursday, would attract buying.
“It is a buy on dips market. Whatever 600-700-point fall that we have seen is a retracement of the rally from 16,400 to 18,300 level and, on the face of it, the correction does not look like a reversal in trend. We believe a revisiting of the range would trigger a strong bounce for the market. The level of 18,350 would offer strong resistance,” Shetti said while suggesting a target of 17,000, if the range is breached.
Rupak De of LKP Securities also sees support at 17,610, “below which more downside may come in the market,” he said.
For the day, Nifty50 closed at 17,772.15, down 166.25 points or 0.93 per cent.
For Shrikant Chouhan of Kotak Securities, the 20-day simple moving average (SMA) or 17,700 would be the sacrosanct support level. “Trading above the same, a pullback rally could lift the index up to 17,850-17,900 levels. However, a fall below 17,700 could see the index retest the level of 17,650-17,600,” he said.
Chandan Taparia of Motilal Oswal Securities believes that as long as the index stays below 17,850, weakness could be seen towards 17,650 and 17500 levels. He sees Nifty50 hurdles at 17,950 and 18,081 levels.
