Nifty stuck in the 17,400-17,800 range. What investors should do on Thursday

Domestic headline equity index Nifty is now stuck within a broader trading range of 17,400-17,800 and analysts say a breakout above it is required for a directional move. While on one hand, concerns around rate hikes and slowdown are making traders nervous and on the other side domestic factors are providing support.

Analysts say participants should focus more on buying opportunities till Nifty holds 17,400 levels. On the lower side 17,500 would be the key support level while 17,700 could act as a major hurdle for bulls.

Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities


Current trend support is seen at 17,000 and resistance placed at 18,000/18,100. Short term momentum remains positive despite multiple bearish attempts. Most heavyweight stocks are trading in uptrend and away from the buying zone. Limited opportunities available to go fresh aggressively long. Pharma and energy stocks look attractive.

Ruchit Jain, Lead Research, 5paisa.com

Amongst sectoral indices, the pharma index seems to be well poised to play its defensive role and hence stocks within the pharma sector could see a decent upmove. Traders can look for trading opportunities from this basket for short term gains.

Chandan Taparia, Motilal Oswal Financial Services

Nifty has to hold above 17,550 zones for an up move towards 17,777 and 18,000 zones whereas support is placed at 17550 and 17442 zones.

Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities

Nifty's line on the sand is at 17,401. Aggressive buyers are advised to take a backseat only if Nifty slips below its biggest support at 17,401 mark. For Thursday, Nifty faces a hurdle at 17,777 and above the same, aggressive buying is advised with the next goal post at the psychological 18,000 mark.

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

Markets are likely to remain range-bound in the near term on the back of mixed cues. Globally, concerns over growth slowdown in Europe and China are creating nervousness in equity markets. However, the domestic macros remain strong along with healthy fundamentals, thus providing support on the other hand.

Om Mehra, Technical Associate, Choice Broking

OI Data indicates, on the call side the highest OI witnessed at 17800 strike prices while on the put side, the highest OI was at 17400 followed by 17500 strike price. On the other hand, Bank nifty has support at 38900 levels while resistance is placed at 39600. Sectors like chemicals, cement, and capital goods can drive good investment opportunities for near-term growth.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)