Mazhar Mohammad of Chartviewindia.in said as long as the index sustains above the bullish gap zone present between 17,791 and 17,703 level, any weakness should be considered as an opportunity to create fresh long positions.
“Weakness in the index shall not be expected unless the Nifty50 closes below the 17,700 level. Similarly, a strength shall not be expected unless the said index closes above 18,115 level,” he said.
Chandan Taparia of Motilal Oswal Securities said that the index negated its higher-high formations of the last five sessions. He said the index needs to hold above the 17,900 level, for an upmove towards 18,181 and 18,350 levels. This analyst sees support for the index at 17,850 and 17,777 levels.
For the day, the index closed at 17,957.40, down 96 points or 0.53 per cent.
Tuesday’s weakness so far has not damaged the recent uptrend status of the market, said Nagaraj Shetti of HDFC Securities.
“Nifty50 is currently showing consolidation or minor weakness at the crucial overhead resistance of the down sloping trend line around 18,200 level. Any sharp weakness from here could be ruled out, but one may expect range movement around 18,200-17,800 levels for the next few sessions. The important resistance of 18,200 levels could eventually be broken on the upside,” Shetti said.
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