Tech View: Listless Nifty forms Doji candle on charts. What traders should do on Tuesday

India VIX was up by 1.38% from 11.24 to 11.39 levels. Volatility was slightly on the rise but overall lower levels kept the market choppy in a smaller range.
Options data suggests a shift in a lower trading range between 18,500 to 19,000 zones, while an immediate trading range between 18,550 to 18,800 zones.What should traders do? Here’s what analysts said:

Rupak De, Senior Technical at LKP Securities
The trend remains complex as long as it stays within the bands of 18,500-18,800. A decisive breakout on either side might trigger a directional move. Till then, we expect a market where the dips would be bought and rises would be sold into.

Jatin Gedia, Technical Research Analyst, Sharekhan
The daily and hourly momentum indicators have been providing divergent signals, which may create volatility. Overall, the bulls have managed to defend the average support, a sign of strength. A follow-through buying interest in tomorrow’s trading session would put the bulls in the position of advantage to make a fresh attempt towards an all-time high. In terms of levels, 18650 – 18600 shall act as a crucial support zone, while 18880 – 18900 shall act as a crucial resistance zone.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The immediate support of the 10-day EMA has broken on the downside on Friday at 18,750 levels, and the Nifty has been placed at the next crucial support of the 20-day EMA around 18,650 levels.
That said, the 20-day EMA has been active in the last couple of months, and a minor upside bounce could be expected in the short term. However, any weakness below this support at 18,650 levels is likely to bring the next round of weakness in the market. Immediate resistance is placed at 18,760 levels.

Ruchit Jain, Lead Research, 5paisa.com
Traders are advised to trade with the trend and keep a tab on the support of 18650. A close below this support would then lead to some price-wise correction, while if this support remains intact, then a pullback again towards 18670-18730 could be seen. Nifty Bank has consolidated within a range this month, which seems to be a timewise corrective phase. The immediate resistance for the banking index is around 43,900-44,000, and a breakout above the same will lead to a resumption of the uptrend.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)