Tech View: Nifty may test 23,700 in short term. Here’s how to trade on Tuesday

The short-term pattern of Nifty stays optimistic amid vary motion. Having bounced again from close to the decrease vary of 23,300 ranges, there’s a risk of Nifty testing the higher vary of 23,650-23,700 within the quick time period. Rapid help is at 23,350, stated Nagaraj Shetti of HDFC Securities.

Open Curiosity (OI) knowledge confirmed that on the decision facet, the very best OI was noticed at 23,700 and 24,000 strike costs. On the put facet, the very best OI was at 23,000 strike value.

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

Rupak De, LKP Securities

Nifty slipped decrease in early trades, however bulls had been capable of defend across the 55-EMA on the hourly chart. The pattern stays optimistic for the quick time period so long as it stays above 23,300, the place a buy-on-dips technique would possibly favor merchants. On the upper finish, resistance is seen at 23,600. A decisive transfer above 23,600 would possibly lead name writers to unwind their positions.

Tejas Shah, JM Monetary & BlinkX

Nifty fashioned a bullish candle on the each day chart. The market is respecting each the help and resistance ranges. The Nifty closed above the vital resistance stage of 23,350 for 2 consecutive weeks and accordingly we consider that it’s more likely to take a look at the following resistance zone of 23,750-800 within the subsequent few days. The short-term transferring averages are just under the value motion and will proceed to help the indices on any decline. The bulls are in full management of the markets on the present juncture and are utilizing each minor correction to create lengthy positions. Assist for the Nifty is now seen at 23,500 and 23,300-350 ranges. On the upper facet, the fast resistance zone is at 23,600-625 ranges & the following resistance zone is at 23,750-800 ranges.

Jatin Gedia, Sharekhan

On the each day charts, we will observe that the Nifty has been broadly buying and selling within the vary of 23,200 – 23,700 for the final 10 buying and selling periods. Dips in the direction of the decrease boundary must be used as a shopping for alternative with a trailing cease lack of 23,200. The hourly momentum indicator has triggered a optimistic crossover, which is a purchase sign. Thus, we will proceed to trip the upmove until there may be weak point on the value entrance.(Disclaimer: Suggestions, ideas, views and opinions given by the consultants are their very own. These don’t signify the views of The Financial Occasions)