India VIX was down by 2.74% from 12.94 to 12.58 levels. Volatility has been dropping from the last four trading sessions, giving some comfort to the bulls.
Options data suggests a broader trading range between 17,000 to 17,700 zones, while an immediate trading range between 17,250 to 17,550 zones.
Chart readers said the index is currently placed at the hurdle of the previous significant opening downside gap of 10th March around 17,400 levels.
What should traders do? Here’s what analysts said:
Prashanth Tapse, Senior VP (Research), Mehta Equities
Looking ahead, bulls are expected to continue to take over the positive momentum in the next trading sessions, with the biggest intraday support on Nifty to watch at the 17,227 mark for Wednesday’s trade. In terms of the overall market trend, we have a range-bound view for Nifty with resistance around the 17,450-17,490 range and a good support range at 17,300-17,350.
Rupak De, Senior Technical Analyst at LKP Securities
The bulls will have the upper hand as long as the Nifty remains above 17,200. On the higher end, 17,500 is likely to act as crucial resistance for the Nifty. A decisive move above 17,500 may induce a strong directional up move.
Rohan Patil, Technical Analyst, SAMCO Securities
The momentum oscillator RSI (14) on the daily chart has shown a strong reversal from the lower levels with a bullish crossover on the cards. Technically, Friday’s bullish candle has shown optimism amongst the traders, but the index needs to cross 17,500 levels on the higher side for a shift in the momentum. On the lower side, 17,100 and 17,000 will act as anchor points for the index.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Buying on dips and selling on rallies would be the best course of action for traders at the moment. In the near future, the index’s important support and resistance levels will be 17,300–17,250 and 17,500–17,550, respectively.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
