Nifty slips on the expiry day and ends near its crucial support by Mr. Ruchit Jain, Angel One Ltd
Below is quote on Market Wrap Up - Nifty slips on the expiry day and ends near its crucial support by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel One Ltd
Nifty started the expiry session on a flat note and traded within a narrow range till noon. However, we witnessed a gradual correction in the later half and the index ended tad above 17600 with a cut of more than half a percent.
Post a minor pullback from the swing low of 17575, Nifty did not surpass the level of 17800. The earlier support of 17800 has now turned into a resistance and Nifty needs to surpass the same for a resumption of the momentum. The index corrected gradually in the later half today and is back near the support level. As we mentioned earlier, if Nifty breaks the support of 15575-15550, then we could see a deeper price wise correction this time and hence, traders should lighten up and avoid aggressive positions in case such a scenario unfolds in the coming session. Below the mentioned support range, next levels to watch would be 17470 and 17325. Traders are advised to be stock specific in intraday trades and trade with proper risk management.
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