For the day, the index closed at 17,397.50, up 15.50 factors or 0.09 per cent
“The market could also be dropping its momentum because the index witnessed a slender transfer of 346 factors for the week. The promote alerts on a number of the every day momentum oscillators are accompanied by overbought ranges on the weekly charts, maybe hinting at an impending downswing. A weak point within the subsequent session under 17,348 can drag it in the direction of 17,160. Power may be anticipated solely at a detailed above 17,500, which ought to broaden the rally in the direction of 17,800,” mentioned Mazhar Mohammad of Chartviewindia.in.
The analyst suggested merchants to keep away from lengthy positions within the index until it closes above 17,500.
Gaurav Ratnaparkhi of Sharekhan mentioned Nifty50 has posted a constructive weekly shut for the third consecutive week however the upside momentum has slowed down.
“For the final couple of classes, Nifty50 is hovering across the 78.6 per cent retracement of the April-June decline, which is close to 17,500. Over there the index shaped a bearish Exterior Bar and a Hanging Man candle on Thursday and an Inside Bar on the every day chart right this moment. This reveals that the index is witnessing a short distribution and is getting ready for a brief time period consolidation,” Ratnaparkhi mentioned.
“17,000-17,500 is predicted to be the brief time period consolidation vary inside which the index is about to check the decrease finish of the vary i.e. 17,000 within the coming classes,” he added.
Nifty Financial institution
Kunal Shah, Senior Technical Analyst at
mentioned Nifty Financial institution witnessed sideways consolidation all through the week and is caught in a broad vary between 37,200-38,200 ranges. The index wants to interrupt on both facet on a closing foundation for trending motion, he mentioned.
“The index on the intraday chart is buying and selling in an oversold class and the revenue reserving situation can’t be dominated out from present ranges, ” Shah mentioned.
(Disclaimer: Suggestions, ideas, views, and opinions given by the specialists are their very own. These don’t symbolize the views of Financial Instances)