Tech View: Nifty charts throw up long bearish candle. What should traders do on Thursday expiry

Now, till the index remains below 17,171 zones, weakness could continue towards next support of 16800-16666 levels while on the upside hurdles are seen at 17,171 and 17,250 levels, said Chandan Taparia of Motilal Oswal.

Volatility is quoting near the highest levels of the last 28 trading sessions, thus giving an edge to bears in the market.

What should traders do? Here’s what analysts said:

Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The short-term trend of the Nifty continues to be weak. Having moved into the oversold region, there is a possibility of an upside bounce from around 16900-16800 levels in the short term. Immediate resistance is at 17200 levels.

Rupak De, Senior Technical Analyst at LKP Securities
Bears continued to hold control as Nifty slipped further, registering its fifth straight day of decline. On the lower end, the index neared the lower band of the falling channel. Going forward, 16,950 will likely act as crucial support on a closing basis for the index. Only a close below 16,950 may trigger further correction. On the higher end, resistance is visible at 17,150-17,200.Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
On the hourly charts, we can observe a positive divergence developing. However, it needs to be confirmed by a daily positive close, and hence we shall assign more weightage to the price action as of now and continue to maintain our negative outlook on the index.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)