“On daily charts, we observe that while Nifty has corrected on Wednesday, the pattern of higher tops and higher bottoms seen since the March 2023 lows has not been disturbed. This indicates that the intermediate uptrend remains intact,” said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities.
Gangadharan expects the Nifty50 to find support around the previous swing high of 18,459 before again resuming the uptrend. If this support fails to hold, then a further correction is likely.
Here’s how analysts see the trajectory of the market:
Rajesh Bhosale, Technical Analyst, Angel One
Going ahead, with key global data points lined up and with indicators in the overbought zone, some consolidation may occur within the key indices. From a level perspective, the zone of 18,450-18,400 is a strong support area, while the immediate resistance is expected in the range of 18,650-18,730 levels.
Ashwin Ramani, Derivatives and Technical Analyst, SAMCO Securities
Nifty50 has given a lower close on the daily chart. The resistance at 18,600 has become even stronger after today’s trading session, with options data indicating a long unwinding at 18,600 since the start.
A decisive close above this level only will drive a further uptrend in Nifty. Significant call writing additions were seen at the 18,500 strike due to which, the support for Nifty now shifts to 18,400 levels.
Rupak De, Senior Technical Analyst, LKP Securities
The Nifty index experienced a decline as selling pressure emerged at higher levels. At the lower end, there was a previous congestion high.
The current trend is expected to remain sideways to positive unless the index falls below the 18,500 level. If the index decisively falls below 18,500, it may trigger additional selling pressure. On the higher side, there is resistance at 18,650.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)