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Top 10 trading ideas by experts for next 3-4 weeks as bears retain the reins

Given the subdued environment, the index may touch its August lows of around 17,150 and if that gets broken, then falling below psychological 17,000 mark can't be ruled out in coming sessions, with hurdle on the upside at 17,700-17,800 levels

September 26, 2022 / 07:51 IST
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The market extended losses for yet another week, with the BSE Sensex and Nifty50 losing more than 1 percent amid nervousness in global markets after the Federal Reserve and several other central banks declared significant rate hikes in the week ended September 23.

The Nifty50 has broken all the crucial supports of 17,400-17,500 last week and managed to settle above the 17,300 mark, at 17,327 with 1.16 percent decline, denting the overall market sentiment. Given the subdued environment, the index may touch its August lows of around 17,150 and if that gets broken, then falling below the psychological 17,000 mark can't be ruled out in the coming sessions, with hurdle on the upside at 17,700-17,800 levels, experts said.

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"As we have witnessed a decisive breach below the major support zone in the Nifty, one should not rule out the possibility of it testing the immediate swing low of 17,150-odd zone, while the sacrosanct support lies at the psychological mark of 17,000," Osho Krishan, Senior Analyst - Technical and Derivative Research at Angel One, said.

On the flipside, a series of resistances could be seen starting from 17,500 to 17,800 in the comparable period, he said.