Technical View | Nifty remains rangebound, 17,550 support crucial


If the index fails to hold above 17,500, a fresh selloff is likely with the Nifty expected to retest 17,380-17,350, market experts said

Sunil Shankar Matkar

February 02, 2023 / 05:40 PM IST

The Nifty continued to see range-bound trade and closed flat on February 2, as selling pressure on Adani group stocks continued to weigh on the market, which overlooked falling oil prices, a feel-good budget and an uptrend in global markets.

The index opened 100 points lower at 17,517 and moved in the 200-point (17,446-17,654) range. It settled six points down at 17,610, forming a bullish candle on the daily charts with upper-lower wicks.

For the fifth consecutive session, the Nifty defended 17,500 as well as 200 daily exponential moving average (DEMA) of  7,550, which remains a crucial support. The index can face resistance at 17,700-17,800, experts said.

“The Nifty hovered between 17,450-17,650 range and also formed an inside body candle on daily charts which indicates the continuation of a range-bound activity in the near future,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said.

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