India VIX moved up by 2.31% from 13.08 to 13.38 levels. Volatility slightly rose up but has been overall deflated from the last few sessions.
Options data suggests a broader trading range between 17650 to 18200 zones, while a shift in an immediate trading range between 17700 to 18000 zones.
What should traders do? Here’s what analysts said:
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The weakness with range movement could continue for the next 1-2 sessions before showing yet another upside bounce from the lows. The next lower support is at 17700 levels and the immediate hurdle is around 18000 levels.
Rupak De, Senior Technical Analyst at LKP Securities
The bears remain at the helm as Nifty slips back into the falling channel. The trend is likely to remain weak as long as the index remains below 18000; any rise is likely to get sold into. Immediate support is visible at 17750; below which, Nifty may move down to 17600. Again, a fall below 17600 may take the Nifty towards 17400. On the higher end, a decisive breakout above 18050 may induce a rally toward higher levels.
Rohan Patil, Technical Analyst, SAMCO Securities
Technically, the structure is still bullish and Nifty stands at the strong polarity support, failing to hold the index is likely to see a further correction to the 17,650 – 17,500 zones. Only a sustained close above the 18,200- 18,250 zone is likely to trigger bullish momentum toward the 18,450 – 18,500 levels.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
Prices are moving along the hourly lower Bollinger band, which is expanding indicating that the fall is likely to continue. Thus, considering the above parameters we change our short-term outlook on the Nifty to sideways. The range of consolidation is likely to be 18150-17650.Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
A bearish candle on daily charts is indicating further weakness from the current levels. However, the Nifty is trading near the 20-day SMA and Sensex is trading near the important support level of 60600. If the index succeeds to trade above 17900, a quick pullback rally is not ruled out.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)