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"Initial upside targets to be watched around 17,500-17,600 levels in the next few sessions. Immediate support is placed at 17,300 levels," said Nagaraj Shetti of HDFC Securities.
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Shrikant Chouhan of Kotak Securities says while the short-term trend remains positive, some profit-booking could be in the offing as traders are likely to book profits near the resistance level of 17,500
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Nagaraj Shetti of HDFC Securities believes the short term trend of Nifty is in a strong mode and the broad market indices were also in driver's seat.
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On the downside, any violation of an intraday support zone of 17,050 levels may cause profit booking towards 17,000-16,950 levels, says Rajesh Palviya of Axis Securities.
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Having moved up by around 450 points in the last two sessions, there is a higher possibility of consolidation or minor profit booking from the highs in the short term, says Nagaraj Shetti of HDFC Securities.
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"The next higher levels to be watched are around 17,000 levels. Any sustainable move above 17,000 levels may cause momentum towards 17,100-17,200 levels," said Rajesh Palviya of Axis Securities.
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According to Shrikant Chouhan of Kotak Securities, if the Nifty50 crosses the level, the uptrend could continue up to 16,825-16,950 levels.
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Nagaraj Shetti of HDFC Securities feels the ongoing consolidation/range-bound action could continue for the next 1-2 sessions.
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Rajesh Palviya of Axis Securities feels on the downside, any violation of an intraday support zone of 16,600 levels may cause profit booking towards 16,500-16,400 levels.
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Key support levels for the Nifty are placed at 16,530.9, followed by 16,437.2. If the index moves up, the key resistance levels to watch out for are 16,682.7 and 16,740.8.
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Key support levels for the Nifty are placed at 16,397.23, followed by 16,298.07. If the index moves up, the key resistance levels to watch out for are 16,594.04 and 16,691.67.
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Rohit Singre of LKP Securities feels on overall basis 16,500 zone will act as make or break zone on the higher side.
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"There is a possibility of further upside with rangebound action for short term. The next upside levels to be watched 16,800-16,900 levels in the next few sessions," said Nagaraj Shetti of HDFC Securities.
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Key support levels for the Nifty are placed at 16,309.03, followed by 16,253.67. If the index moves up, the key resistance levels to watch out for are 16,397.63 and 16,430.87.
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The near term trend shall continue to remain directionless as Nifty50 appears to be in a new trading range of 16,350 to 16,160 levels, said Mazhar Mohammad of Chartviewindia.in.
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"The Nifty continues to trade in a narrow range with volatility and this market action could continue for the next session," said Nagaraj Shetti of HDFC Securities.
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Rajesh Palviya of Axis Securities said the next higher levels to be watched are around 16,350 levels.
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Shrikant Chouhan of Kotak Securities feels the 16,150-16,050 level would be the strong support zone for the index.
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Having moved up sharply in the last few sessions, there is possibility of consolidation or minor downward correction from the highs near to its breakout points support around 16,000-16,100 as per the concept of change in polarity, says Nagaraj Shetti of HDFC Securities.
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Key support level for the Nifty is placed at 15,981.1, followed by 15,831.4. If the index moves up, the key resistance levels to watch out for are 16,213.7 and 16,296.6.
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Nagaraj Shetti of HDFC Securities feels a sustainable move above the initial hurdle of 15,880 levels is expected to pull the Nifty towards the next crucial area of 15,960-16,000 and higher in the short term.
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Rajesh Palviya of Axis Securities said any violation of an intraday support zone of 15,730 levels may cause profit booking towards 15,650-15,550 levels.
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Rajesh Palviya of Axis Securities feels the next higher level to be watched is around 15,830. "Any sustainable move above 15,830 levels may cause momentum towards 15,900-15,950 levels," Palviya said.
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The Nifty has formed a swing low near the lower end of a broader range movement, and lower low formations are observed. This signals a display of high volatility during weakness, and sharp upside bounces have been noticed soon after such moves in the past, says Nagaraj Shetti of HDFC Securities.
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Nagaraj Shetti of HDFC Securities feels the short term trend of Nifty is choppy and similar movement could be expected for the next session.
