Below are Views On Nifty consolidates within a range on weekly expiry day By Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking)
“The weekly expiry session turned out to be a day of consolidation as the Nifty traded with a narrow range and ended the day with gains of less than half a percent.
Unlike last week, it has been a week of consolidation so far for the indices as Nifty as well as Bank Nifty have traded with a narrow range. There are no signs of reversal of the trend and hence, this just seem to be a time-wise correction, which was much required post the sharp run up in the budget week. As of now, there are no signs of any deeper retracements and hence, once this consolidation is over we expect the markets to resume its uptrend. The immediate supports for Nifty are placed around 15100 followed by 14975 whereas resistance is seen around the swing high of 15250 above which Nifty should resume momentum.
Although the indices have not moved much during this week, the stock specific action has been buzzing and has provided opportunities for trading. Till the index is locked in this range, traders are advised to look for potential stock specific movers and trade with proper risk management.”
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