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"The overall chart pattern calls for caution for long positions and there is a possibility of another round of short-term weakness from the higher levels. The expected weakness could be a 'buy in dips' opportunity for the near term," says Nagaraj Shetti of HDFC Securities.
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Shrikant Chouhan of Kotak Securities says the intraday structure suggests that 17,850 could be the trend decider level for the bulls.
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Any sustainable move above 18,050 may cause momentum towards 18,100-18,200 levels, says Rajesh Palviya of Axis Securities.
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The next higher levels to be watched are around 17,900. Any sustainable move above 17,900 may cause momentum towards 18,000-18,200 levels, says Rajesh Palviya of Axis Securities.
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Sameet Chavan of Angel One continues to remain cautious and does not expect Nifty to cross the sturdy wall of 17,900 – 17,950 soon.
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Shrikant Chouhan of Kotak Securities said 17,750 would be the key support level for the trend following traders on the Nifty.
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The 17,600 level or 20-day SMA would act as a crucial support level for the day trader, says Shrikant Chouhan of Kotak Securities.
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While the market would remain volatile in the near future, the 17,650-17,750 level would be the key resistance level for traders while 17,400-17,300 could act as sacrosanct support for positional traders, says Shrikant Chouhan of Kotak Securities.
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The intraday trading setup suggests that 17,700 could act as a strong resistance level, and below the same, the correction could continue up to 17,500-17,450 levels, says Shrikant Chouhan of Kotak Securities.
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Nagaraj Shetti of HDFC Securities feels a sustainable move above the immediate resistance of 17,800 could open strong upside bounce towards 18,000 mark.
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Nagaraj Shetti of HDFC Securities says the near term trend setup of Nifty is still positive and one may expect buying to emerge from the lows in the next one or two sessions.
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Shrikant Chouhan of Kotak Securities advised that contra traders can take a long bet near 17,700 with a strict 16,650 support stop loss, while partial profit booking is advisable between 18,100 to 18,200 level.
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Shrikant Chouhan of Kotak Securities advised contra traders to take a long bet between 17,750-17,720 with a strict 16,910 support stop loss.
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Shrikant Chouhan of Kotak Securities says 17,625 could be the range breakout level for the day traders. Above that, the breakout continuation formation is likely to continue up to 17,665-17,725 levels.
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Rajesh Palviya of Axis Securities feels if the NIfty50 breaks below the 17,350 level, it would witness selling which would take the index towards 17,250-17,200.
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Shrikant Chouhan of Kotak Securities says if the Nifty50 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.
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Nagaraj Shetti of HDFC Securities said that although Nifty is placed at the new highs, still there is no indication of any tiredness or reversal pattern at the highs.
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Rajesh Palviya of Axis Securities says the next higher levels to be watched on the NIfty50 are around 17,550 levels. Any sustainable move above 17,550 levels may cause momentum towards 17,600-17,700 levels, he adds.
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Zee Entertainment Enterprises witnessed higher short covering, followed by LIC Housing Finance and Deepak Nitrite.
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On the downside, any violation of an intraday support zone of 17,300 levels may cause profit booking towards 17,250-17,200 levels, says Rajesh Palviya of Axis Securities.
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While the medium-term trend is still positive, traders may prefer to book profits near resistance levels due to an overstretched rally, Shrikant Chouhan of Kotak Securities advised.
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Nagaraj Shetti of HDFC Securities feels a positive session on Thursday could mean a formation of minor bottom reversal and chances of more upside.
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Rajesh Palviya of Axis Securities, if the Nifty breaks below 17,350 level, it would witness selling which would take the index towards 17,300-17,230.
