Nifty bulls looked confused today. What investors should do on Wednesday

Despite buying by both FIIs and DIIs on Tuesday, Nifty ended the day flat in the absence of any major cues. Even as the action was seen in the broader market, the headline index Nifty appeared to be stuck in a range. Analysts say investors must watch out for any further spike in the US dollar index, which may change the mood of FII investors, and track the decisions of global central banks this week.

Nifty is currently at the crucial overhead resistance of 17,800 levels, and a decisive breakout of this area could pull Nifty back into upside momentum. Any weakness from here could find important support around 17,450-17,400 levels, say analysts.

Sameet Chavan, Angel One
As far as levels are concerned, 17,700-17,800 remains the

wall and the moment we surpass it convincingly, it will open up the gates for a move towards 18,000 and beyond. On the flip side, 17,600-17,500 are to be treated as immediate support. The key indices might be consolidating, but the broader end of the spectrum keeps on buzzing.

Traders are advised to keep focusing on such potential candidates, which are likely to continue their recent runs.

Ruchit Jain, 5paisa.com
Traders are advised to avoid aggressive index trades. In options segment, open interest addition is seen in 17,800 call, which would be seen as a near-term hurdle, while 17,500 is the support, as per the data. Thus, a breakout beyond this range would only lead to a directional move and till then, consolidation in the index could continue. The intraday supports in Nifty for the coming session are placed around 17,573 and 17,491, while resistances will be seen around 17,750 and 17,845.

Palak Kothari, Choice broking
The support for Nifty has shifted around 17,450 levels, while on the upside, 17,770 may act as an immediate hurdle. Metal and energy stocks are looking bullish for the next session. Investors can add them on dips.

Prashanth Tapse, Mehta Equities
Nifty’s line on the sand is at 17,391 mark, while major hurdle is at 17,777. Above the same, the next goal post is at a psychological 18,000 mark.

Shrikant Chouhan, Kotak Securities
As long as the index is holding the 17,550 level, it could retest the level of 17,750-17,850. On the flip side, a fresh round of selling is possible after the dismissal of 17,550, and on further decline, it could slip till 17,500-17,400.

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