Taking global cues, the Nifty is likely to open flat around 17000 and expected to remain range-bound in the price band of 16800-17200.
The Nifty previous session ended 0.40% down at 17003.75. It opened on a positive note and got sold off from day’s high towards ending the last session of the week with a Hanging Man candle. Recovery followed by a Hanging Man in a downtrend implies the Benchmark Index may again find sellers on rise. Needless to say, weakness is likely to persist as long as it trades below 17400 levels. Immediate trading range is likely to be 16800-17200.
On the Nifty hourly chart, oversold leading indicators suggesting pullback, however, direction of the ADX still favoring the midterm bears. Staying cautious on rise is strongly recommended. Intraday trading range is likely to be 16800-17100. Higher resistance is placed around 17200 levels.
Nifty patterns on multiple periods suggest; turnaround from the oversold zone followed by sustained recovery led to a Spinning-top candle on the weekly. Weekly candle suggesting range-bound oscillation likely to continue.
The Bank Nifty previous session ended 0.95% up at 34,857.05. It might get into the trading range of 34600-35500.
The Financial Nifty Fut trading range is likely to be 16200-16900.
Nifty Crucial Supports & Resistances-
Supports- 16800, 16700 Resistances- 17100, 17200
Intraday Biases: -
Nifty-
Intraday negative bias as long as it trades below 17200. Supports are placed around 16800 and 16700.
Bank Nifty-
Intraday negative bias as long as it trades below 35500. Support is placed around 34600.
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