According to the technical analyst, a big move on the Nifty is likely once the trading range is dismissed.
On the broader market outlook, the technical & derivative analyst from HDFC Securities expects the near term trend on the Nifty to remain bearish as long as the index stays below 18,141.
According to the technical analyst, the if the Bank Nifty fails to hold 41,569 the trend may bearish in the short term.
According to the technical analyst, the if the NSE Nifty 50 benchmark surpasses the resistance a rally to 18,265 seems likely.
According to the technical analyst, the IT index is expected to consolidate between 30,600 - 26,300 range.
18,125 will trigger some strength for bulls on Nifty50 index whereas the expected targets would be 18,180 - 18,225 - 18,300
On the upside, the technical analyst sees 18,336 as the key resistance for the Nifty 50.
The technical analyst expects Nifty to test 18,336 and 18,464 on the upside; whereas Bank Nifty needs to surpass 43,860 for fresh buys, Nathani suggests.
On the broader market outlook, the technical & derivative analyst from HDFC Securities suggests that the trend for Nifty is still bearish.
Among individual stocks, the technical & derivative analyst from HDFC Securities recommends buying RCF and NCC.
However, the overall market wide position dipped below Rs 2.20 lakh crore for the first time in the last six months.
The options data indicates that the Nifty may look to hold on the 18,000-mark till expiry, given the high OI at the 18,000 Put.
Among individual stocks, the technical & derivative analyst from HDFC Securities is bullish on NLC India and Mazagon Dock.
Presently, the BSE Sensex and Nifty 50 have breached their respecitve 21-SMAs, the following support levels need to be honoured in order to sustain a positive bias.
The technical & derivative analyst from HDFC Securities recommends buying NLC India and Karnataka Bank among individual stocks.
On the broader market outlook, the technical & derivative analyst from HDFC Securities expects the Nifty to face resistance at 18,730, and seek support at 18,442.
Among individual stocks, the technical & derivative analyst from HDFC Securities recommends to buy Triveni Engineering and GMM Pfaudler.
The technical & derivative analyst from HDFC Securities expects Nifty to find support around 18,100 for now.
The BSE Sensex and NSE Nifty 50 have scaled fresh life-time highs in the last five straight years; charts suggest that the trend may continue this year.
The technical analyst from HDFC Securities from HDFC Securities recommends buying JK Paper and Happiest Minds for targets of up to Rs 486 and Rs 1,150, respectively.