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Views On Market Opening Quote by Mr. Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd

On the technical front, Nifty formed an indecisive doji after a small fall hence one can expect rangebound moves ahead with high volatility. Nifty in the weekly time frame has breached the previous week’s which is the first sign of exhaustion. At present juncture one need to avoid trading aggressively amid global nervousness. US Fed Chairman Jerome Powell reiterated hawkish stance on interest rate hike denting nascent hopes for a more modest path of policy tightening. Thus, it would be sensible if one  avoid fresh longs in index and book profits in trading bets. Considering the present situation, a bare minimum correction of 38.6% of the entire rally from 15,183 to 17,992 comes around 16900 followed by 50% correction at 16600. On the upside Nifty need to sustain above 17,350 with some authority for the bulls to strengthen their stance.

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