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17,300 a good support for Nifty; eyes now on FOMC meeting: Experts

Here's what experts have to say about this week

September 20, 2021 / 08:09 AM IST
Indian market continued the upward momentum with benchmark indices hitting fresh record highs and Sensex comfortably closing above 59,000 level in the week ended September 17, helped by positive data points and government reforms. For the week, BSE Sensex added 710.82 points (1.21 percent) to close at 59,015.89, while the Nifty50 rose 215.95 points (1.24 percent) to end at 17,585.2 levels.
Indian market continued the upward momentum with benchmark indices hitting fresh record highs and Sensex comfortably closing above 59,000 level in the week ended September 17, helped by positive data points and government reforms. Last week, BSE Sensex added 710.82 points (1.21 percent) to close at 59,015.89, while the Nifty50 rose 215.95 points (1.24 percent) to end at 17,585.2 levels. Here's what experts have to say about this week:
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities | Technically, benchmark Nifty maintained uptrend continuation formation which is broadly positive but due to temporary overbought situation, bulls may prefer to take a cautious stance near the 17,800 resistance level. For Nifty, 17,700 would be the immediate resistance level traders will have to look at, and below the same, the correction wave is likely to continue up to 17,450-17,350 levels. If the index trades above 17,700, the uptrend texture will continue up to 17,800-17,950 levels. Contra traders can take a long bet near 17,350 with a strict 17,300 support stop loss. Meanwhile, the Bank Nifty has formed a strong bullish formation and the structure suggests further upside if it succeeds to trade above 37,000.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities | Technically, Nifty maintained uptrend continuation formation which is broadly positive, but due to temporary overbought situation, bulls may prefer to take a cautious stance near the 17,800 resistance level. For Nifty, 17,700 would be the immediate resistance level traders will have to look at, and below the same, the correction wave is likely to continue up to 17,450-17,350 levels. If the index trades above 17,700, the uptrend texture will continue up to 17,800-17,950 levels. Contra traders can take a long bet near 17,350 with a strict 17,300 support stop loss. Meanwhile, the Bank Nifty has formed a strong bullish formation and the structure suggests further upside if it succeeds to trade above 37,000.
Vinod Nair, Head of Research at Geojit Financial Services | In the coming week, the global focus will be on the policy meetings of a few central banks including the Fed. With weak US job data and inflation increasing at a slower pace, Fed is not expected to hint on taper plans in the upcoming meeting.
Vinod Nair, Head of Research at Geojit Financial Services | In the coming week, the global focus will be on the policy meetings of a few central banks including the Fed. With weak US job data and inflation increasing at a slower pace, Fed is not expected to hint on taper plans in the upcoming meeting.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments | The markets resisted at the 17,750 level and what followed was a knee jerk reaction. The trend continues to remain positive and intra-day drops or price corrections can be used to accumulate long positions. The near term support for the Nifty is at 17,300. If we get past 17,800 the next level to watch out for would be 17,950.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments | The markets resisted at the 17,750 level and what followed was a knee jerk reaction. The trend continues to remain positive and intra-day drops or price corrections can be used to accumulate long positions. The near term support for the Nifty is at 17,300. If we get past 17,800 the next level to watch out for would be 17,950.
Dr. Joseph Thomas, Head of Research, Emkay Wealth Management | The numbers from US, and Europe, the outcome of the central bank policy meetings due next week, and also the domestic developments around the positive impact of the government policies which were recently announced, and most of all the higher energy prices, are all factors that may be of some import for the markets next week.
Dr. Joseph Thomas, Head of Research, Emkay Wealth Management | The numbers from US, and Europe, the outcome of the central bank policy meetings due next week, and also the domestic developments around the positive impact of the government policies which were recently announced, and most of all the higher energy prices, are all factors that may be of some import for the markets next week.
Samco Research | Investors across the world will be eyeing the FOMC meeting in the coming week for more clarity on the outlook for both tapering as well as interest rate timelines. While the Fed's planned reduction of bond purchases has garnered much of the focus this year, their view on interest rates may give new information that may move markets world over. However, it is widely assumed that policymakers would take fresh developments in inflation and the intensity of the delta variant into account before announcing tapering plans. Therefore, traders are suggested to refrain from taking aggressive bets owing to probability of unanticipated whipsaw movements.
Samco Research | Investors across the world will be eyeing the FOMC meeting in the coming week for more clarity on the outlook for both tapering as well as interest rate timelines. While the Fed's planned reduction of bond purchases has garnered much of the focus this year, their view on interest rates may give new information that may move markets world over. However, it is widely assumed that policymakers would take fresh developments in inflation and the intensity of the delta variant into account before announcing tapering plans. Therefore, traders are suggested to refrain from taking aggressive bets owing to probability of unanticipated whipsaw movements.
Rohit Singre, Senior Technical Analyst at LKP Securities | Any break below 17,530 zone we may see more drag down the index, immediate support is still placed at 17,500 followed by 17,430 zone & resistance is coming near 17,650-17,750 zone also profit booking is suggested around mention hurdle zones.
Rohit Singre, Senior Technical Analyst at LKP Securities | Any break below 17,530 zone we may see more drag down the index, immediate support is still placed at 17,500 followed by 17,430 zone & resistance is coming near 17,650-17,750 zone also profit booking is suggested around mention hurdle zones.
Rakesh Patil
first published: Sep 20, 2021 08:09 am

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