Nifty IT index likely to consolidate, FMCG looks weak, says Ravi Nathani

According to the technical analyst, the IT index is expected to consolidate between 30,600 - 26,300 range.

Nifty

Last close: 17,859.45

The Nifty ended very close to the previous support of 17,775, trade below this level would probably attract more selling pressure whereas the next support level would be 17,649 & 17,470 which is also 200 EMA on the daily charts.

Side-lined investors who were waiting for markets to come down could start accumulating the large-cap names between 17,649 – 17,470 because on daily charts there will be a possibility that a positive divergence could be witnessed on leading technical indicators.

Expected Intraday Resistance: 17,930 / 18,025 / 18,125

Expected Intraday Support: 17,800 / 17,736 / 17,649

Bank Nifty

Last close: 42,188.80

The near term