India VIX was down by 1.29 from 11.66 to 11.52 levels. Volatility has sunk and dried up to consistently hover at its lower band.
Options data suggests a shift in the trading range between 17,500 to 18,000 zones, while an immediate trading range between 17,600 to 17,850 zones.
The PCR Ratio on 25th April, for Nifty, settled at 1.01, indicating a mildly bullish trend for the index, and may see a bullish momentum till monthly expiry, analysts said.
What should traders do? Here’s what analysts said:
Rupak De, Senior Technical Analyst at LKP Securities
The index remains comfortably above the critical moving averages, suggesting a positive trend. The upside resistance is visible at 17800, where the bulls may find an immediate resistance. Above 17800 the Nifty may move higher towards 18000. On the lower end, support remains intact at 17700.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
As we are in the final week of the April series expiry, volatility can be high for the next couple of trading sessions. The crucial support zone to keep a watch is 17620 – 17600. Until Nifty manages to hold and trade above this zone, we can expect the up move to continue. On the upside, the initial hurdle stands at 17863 – 17880. A break above that shall lead to a sharp rise to the 18,000 mark. Overall, we shall continue to maintain our positive stance from a short-term perspective for a target of 18,100.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
A minor intraday correction is possible if the index slips below 17,720 and retests the level of 17670-17625. On the flip side, a fresh uptrend wave is possible only after the dismissal of 17820. Post breakout, the chances of the index hitting 17,900-17,925 would turn bright.Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The short-term trend of Nifty is positive with range-bound movement. Any failure to sustain above the crucial hurdle of 17,865 levels could open further consolidation or weakness in the short term. Immediate support is around 17650-17600 levels.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
