In Nifty, fresh round of selling possible on dismissal of 17,800: Experts A fresh round of selling is possible only after the dismissal of 17,800 and below the same, the index could slip till 17,650-17,600, says Amol Athawale, Deputy Vice President - Technical Research at Kotak Securities.
January 16, 2023 / 07:28 AM IST
Market closed with a gain of 0.5 percent amid volatility in the week ended January 13, and pared some of the previous week's losses. Continued selling by FIIs and buying by DIIs, better than expected CPI data from the US and India and a positive start to the earnings from IT biggies have kept the investor sentiment upbeat.
Rupak De, Senior Technical Analyst at LKP Securities | On the weekly chart, the index has formed a doji-like pattern, which signifies indecision. However, the Nifty sustained below the 50 EMA on the daily timeframe, confirming an ongoing bearish trend. The resistance is visible at 18,300, whereas on the lower end, support is visible at 17,800. Any breakout in either direction would create a directional trend in the market.
Amol Athawale, Deputy Vice President - Technical Research at Kotak Securities | For the next few trading sessions, the 100-day SMA (Simple Moving Average) or 17,900 would act as sacrosanct support levels. A pullback formation above the same could drive the index to 20-day SMA or 18,075. Further upside may also continue which could lift the index till 18,200. On the other hand, a fresh round of selling is possible only after the dismissal of 17,800 and below the same, the index could slip till 17,650-17,600.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas | After a recent base formation near the lower end of the pattern, the Nifty witnessed smart recovery on January 13. Going ahead, 18,000-18,050 will be the key area beyond which the index will be set for a larger up move. On the downside, 17,800 will continue to provide cushion for the index.
Ajit Mishra, VP - Technical Research, Religare Broking | Markets will react to HDFC Bank’s result in early trade on Monday. The recent recovery in the global markets has failed to impress the participants so far however the mood might change if they manage to sustain the gains. To regain some strength, Nifty should decisively cross the 18,100 mark. Meanwhile, participants should restrict positions and prefer a hedged approach.