Market range can shift lower after recent price action: Chandan Taparia of Motilal Oswal

The Nifty, he says, has to hold the 17,777 zone for any kind of upward move. If it doesn’t, the index may fall to the 17,500-17,350 range. The metal index is trading near its life-time high and can hit 7,000, Taparia says.

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stockWidget(‘N’,stkId,articleId); }); $ (‘#stk-b-‘+articleId).click(function(){ stkId = jQuery.trim($ (this).attr(‘stkId’)); stockWidget(‘B’,stkId,articleId); $ (‘.bselivelist’).hide(); }); $ (‘#stk-n-‘+articleId).click(function(){ stkId = jQuery.trim($ (this).attr(‘stkId’)); stockWidget(‘N’,stkId,articleId); $ (‘.bselivelist’).hide(); }); } $ (“.bselivelist”).focusout(function(){ $ (“.bselivelist”).hide(); //hide the results }); function bindMenuClicks(articleId){ $ (‘#watchlist-‘+articleId).click(function(){ var stkId = $ (this).attr(‘stkId’); overlayPopupWatchlist(0,2,1,stkId); }); $ (‘#portfolio-‘+articleId).click(function(){ var dispId = $ (this).attr(‘dispId’); pcSavePort(0,1,dispId); }); } $ (‘.mc-modal-close’).on(‘click’,function(){ $ (‘.mc-modal-wrap’).css(‘display’,’none’); $ (‘.mc-modal’).removeClass(‘success’); $ (‘.mc-modal’).removeClass(‘error’); }); function overlayPopupWatchlist(e, t, n,stkId) { $ (‘.srch_bx’).css(‘z-index’,’999′); typparam1 = n; if(readCookie(‘nnmc’)) { var lastRsrs =new Array(); lastRsrs[e]= stkId; if(lastRsrs.length > 0) { var resStr=”; let secglbVar = 1; var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .get( “//www.moneycontrol.com/mccode/common/rhsdata.html”, function( data ) { $ (‘#backInner1_rhsPop’).html(data); $ .ajax({url:url, type:”POST”, dataType:”json”, data:{q_f:typparam1,wSec:secglbVar,wArray:lastRsrs}, success:function(d) { if(typparam1==’1′) // rhs { var appndStr=”; //var newappndStr = makeMiddleRDivNew(d); //appndStr = newappndStr[0]; var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); 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alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var postfolio_url = ‘https://www.moneycontrol.com/portfolio_new/add_stocks_multi.php?id=’+dispId; window.open(postfolio_url, ‘_blank’); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“.linkSignUp”).click(); } function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); var topPos = ($ (window).height() – this.height() ) / 2; this.css(“top”, -topPos).show().animate({‘top’:topPos},300); this.css(“left”, ( $ (window).width() – this.width() ) / 2); return this; } setTimeout(function(){$ (‘#backInner’+n).center()},100); } function closeoverlay(n){ document.getElementById(‘back’).style.display = ‘none’; document.getElementById(‘backInner’+n).style.display = ‘none’; } stk_str=”; stk.forEach(function (stkData,index){ if(index==0){ stk_str+=stkData.stockId.trim(); }else{ stk_str+=’,’+stkData.stockId.trim(); } }); $ .get(‘//www.moneycontrol.com/techmvc/mc_apis/stock_details/?classic=true&sc_id=’+stk_str, function(data) { stk.forEach(function (stkData,index){ $ (‘#stock-name-‘+stkData.stockId.trim()+’-‘+article_id).text(data[stkData.stockId.trim()][‘nse’][‘shortname’]); }); }); function redirectToTradeOpenDematAccountOnline(){ if (stock_isinid && stock_tradeType) { window.open(`https://www.moneycontrol.com/open-demat-account-online?classic=true&script_id=$ {stock_isinid}&ex=$ {stock_tradeType}&site=web&asset_class=stock&utm_source=moneycontrol&utm_medium=articlepage&utm_campaign=tradenow&utm_content=webbutton`, ‘_blank’); } } “The rollover data and slightly lower roll-cost suggest that meaningful declines could be bought into but the market range can shift lower with a capped upside after the recent price action,” Chandan Taparia of Motilal Oswal Financial Services tells Moneycontrol in an interview.The Vice President, Analyst, Derivatives, at MOFS, feels the Nifty needs to hold the 17,777 level to witness an upmove towards 18,250.The Nifty metal index is trading near the life-time high zones and has a relative strength with bullish momentum. It witnessed some decline in the last four days, but the major trend is positive, says Chandan, with more than 10 years of experience in equity research.What do you make out of the F&O expiry day data and what is your observation with respect to the trend in February, on the basis of monthly expiry?