The zone of 17,650-17,700 is likely to be the crucial support area for the index in the coming sessions
Sunil Shankar Matkar
February 10, 2023 / 05:14 PM IST
Representative image
The Nifty remained range-bound in a choppy session and closed 37 points lower at 17,856 on February 10.
It formed a Doji pattern on the daily charts but smartly defended 17,800 for the third day in a row.
On the weekly basis, too, it ended above 17,800 for the second consecutive week. If it holds the level and manages to go past the 50-day exponential moving average (17,969), then there is a possibility of the index moving towards 18,000-18,200 in the coming week, experts said. The 17,650-17,700 zone is likely to be the crucial support area.
During the week, the index closed flat with a positive bias and formed inside body candle as well as a Doji pattern on the weekly scale, indicating indecisiveness among bulls and bears about the market trend.
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