Nifty consolidating in the range of 17,775 - 18,265, says Ravi Nathani

According to the technical analyst, a big move on the Nifty is likely once the trading range is dismissed.

Nifty 50 Index

Last close: 17,858.20

The benchmark indices closed lower whereas Nifty 50 slipped 0.21 percent at the end of the day. Media and IT index lead the markets on the higher side on Thursday, whereas Oil & Gas, Banks, and FMCG remained weak throughout the day. 

Nifty is still arrested within the consolidation range of 17,775 – 18,265. Strong buying interest has been witnessed whenever Nifty has traded below 17,800. I think the market is preparing for a big move on the dismissal of the trading range.

Intraday No Trade Zone: 17,905 – 17,815

Expected Intraday Resistance: 17,949 / 18,040 / 18,150 /