Slideshow | Market may see consolidation this week, 17,000 a key support for Nifty: Experts

Amol Athawale, Deputy Vice-President - Technical Research, Kotak Securities | On the technical front, the support for Nifty has now shifted to 17,000 from 16,800 and as long as the index is holding 17k level, the uptrend wave will continue till 17,450 and could lift the index up to 17,600. However, 17,000 could be the sacrosanct support level for the Nifty and close below the same could see Nifty hitting 16,900-16,800 levels.

Rahul Sharma of Equity 99 | For Nifty, 17,250 will act as very strong support post which next support is at 17,180 levels post which 17100 is also possible, on upper side 17,340 will act as very strong resistance, after which 17,460 will be next hurdle rate. Once this level is broken than next resistance will be around 17,535 levels.

Sachin Gupta, AVP-Research at Choice Broking | Technically, the Nifty index has formed bullish candle on the daily chart and sustained above 100-days SMA that indicates bullish strength for the near term. All the key indicators like RSI, Stochastic and MACD have supported the upward rally in the index. At present, the index has support at 17,100 levels while resistance comes at 17,470 levels. Bank Nifty has support at 35,700 levels, while resistance at 37,000 levels.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas | Going ahead, Nifty is expected to extend towards the daily upper Bollinger Band. So, 17,500-17,600 will be the short term target zone to watch out for. On the other hand, 17,100-17,000 will now act as a cushion for the short term. Any minor degree dip in that range can be taken as an opportunity to increase the exposure on the long side.

Harsh Parekh, Technical Analyst, Bonanza Portfolio | Nifty was able to sustain above its 200-daily EMA which is placed near 16,690 levels, which acted as a crucial resistance. After Thursday's close, Nifty will look to continue for immediate targets of 17,450 and 17,500 respectively whereas on the downside 17,000 should act as immediate support followed by 16,850.

Prashanth Tapse, Vice-President (Research), Mehta Equities | The auspicious occasion of Holi was celebrated at Dalal Street as the benchmark Nifty enjoyed yet another session of strong gains and most importantly, was seen racing to hit the magical 17500 mark. The technical landscape has turned aggressively bullish. This optimistic backdrop should take Nifty easily to its magical goalpost at 17,500 mark and then aggressive targets at 18,000 mark.

Ruchit Jain, Lead Research, 5paisa.com | The index has completed the corrective phase and has resumed its broader uptrend. Nifty has now retraced 61.8 percent of the recent corrective phase from 18,350 to 15,760 and has ended around that retracement level which is around 17,330. The follow up move during early next week will be important as if the index surpasses this hurdle, then it has potential to extend this up move towards 17,500 and 17,800. On the flipside, if there’s any correction from this 61.8 percent retracement level, then we do not expect any significant downside hereon. The previous resistance zone of 17,000-16,800 will now turn into support and any decline towards this would be a good buying opportunity. India VIX, which rose sharply earlier, cooled-off during this week which is a positive sign.

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One | Now with Thursday’s spectacular move, bulls have conquered the sturdy wall of 16,800 – 17,000, which now should act as immediate support for the index. On the flipside, 17,500 followed by 17650 are the next levels to watch out for. But in our sense, the index may not have the similar sort of swift move that we witnessed in the last 5 – to 6 trading sessions. We may see some consolidation or in between a small bout of profit booking in the forthcoming week. However, we strongly believe that the stock-specific adjustments are likely to continue and hence the pragmatic approach would be to keep focusing on thematic plays, and importantly identifying the potential movers within the same is the key. Also, the banking index plays a vital role going ahead as it's approaching its crucial juncture of 36,700 – 37,000. Let’s see how this high beta index behaves in the first half of the week. Since the Russia-Ukraine war is yet to completely come to an end, it would be important to keep a regular tab of this development as well.

Yesha Shah, Head of Equity Research, Samco Securities | Considering that no major domestic event is lined up, Indian markets will be guided by their global counterparts in the coming week. The situation in Russia-Ukraine will be closely watched. Because crude plays such a pivotal role in determining the fate of Indian macros, crude price movements will also be meticulously monitored. Furthermore, with increased allocations to ELSS funds as the end of the fiscal year approaches, DII's buying momentum is likely to continue. In the absence of a positive trigger, market movements are expected to remain range-bound, and investors should continue to invest in selective, fundamentally resilient stocks.