Tech View: Nifty charts trace at indecisiveness. What merchants ought to do on Tuesday

Nifty on Monday hovered between 19,700 to 19,780, and shaped an Inside Physique candle to point indecisiveness between bulls and bears.

The short-term uptrend standing of the market stays intact and optimistic chart patterns like increased tops and bottoms are additionally legitimate. Nifty on the weekly chart sustained above the 10-week EMA and a bullish candlestick sample was shaped in the previous few weeks, stated Nagaraj Shetti of HDFC Securities.

OI information confirmed on the Name aspect, the best OI was noticed at 19,800 adopted by 20,000 strike costs whereas on the put aspect, the best OI was at 19,700 strike value.

What ought to merchants do? Right here’s what analysts stated:

Jatin Gedia, Sharekhan by BNP Paribas
The each day and hourly momentum indicators present divergent alerts and in such a state of affairs a consolidation seems with excessive chance. Contraction of the Bollinger bands additionally helps our sideways outlook on the Index. The vary of consolidation is more likely to be 19,500 – 20,100 from a short-term perspective.

Shrikant Chouhan, Head of Analysis (Retail), Kotak Securities
For bulls, 19,800 could be the quick breakout degree, above the identical the index might rally to 19,850-19,880. On the flip aspect, beneath 19,700, the promoting stress is more likely to speed up and will retest the extent of 19,640-19,620.

Rupak De, LKP Securities
Over the close to time period, the index could expertise volatility, with assist positioned at 19,700. A drop beneath 19,700 could take the index towards the vary of 19,600-19,550. Nonetheless, the “purchase on dips” technique is anticipated to stay the popular method so long as it sustains above 19,550.

(Disclaimer: Suggestions, solutions, views, and opinions given by the specialists are their very own. These don’t signify the views of The Financial Occasions)

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