Now, it has to hold above 18,081 zones for an up move towards 18,250 and 18,350 zones whereas supports are placed at 18,081 and 18,018 zones, said Chandan Taparia of Motial Oswal.
Fear gauge index India VIX was down 0.98% from 14.59 to 14.44 levels. Volatility cooled down from higher zones and needs now to come below 14 zones for stability to resume.
Option data suggests a shift in trading range between 17,900 and 18,400 zones while an immediate trading range between 18,000 and 18,300 zones.
What should traders do? Here’s what analysts said:
Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One
Nifty has soared over all major exponential moving averages on the daily chart, construing a positive development. However, the current placement at the sloping trendline could be seen as the last hurdle to overcome, and any breakout above 18,200 could trigger a fresh round of longs in the system.
Rupak De, Senior Technical Analyst at LKP Securities
Nifty has broken out strongly from a falling wedge pattern, which is a bullish reversal pattern. The bulls regained control and surpassed the 18,100 barrier, demonstrating strong momentum. The index remains in a buy-on-dip mode with support at 17,900, where fresh put writing has been witnessed. The index’s next immediate resistance stands at 18,200, and a breach will see sharp short-term movement toward 18,500-18,600 levels.