From a sector perspective, buying was seen in utilities, power, metals, autos and energy stocks.
The market could remain volatile ahead of the September F&O expiry. The index might face some resistance around the 17,100-17,300 levels while on the downside, 16,800 will act as crucial support.
The shrewd weekly contract has the highest open interest at 17,000 for calls and 16,000 for puts while the monthly contracts have the highest open interest at 17,000 for calls and 16,800 for puts.
“The game today would be to see how far Nifty can extend on the rebound from 16,800. The 17,170 region is natural resistance,” Anand James – chief market strategist at
“We expect this to be overcome, but fear that the long selling pressure could reappear well before 17,350 is reached. As previously reported, rejection trades would revive the outlook from 16,650 to 16,300,” said he declared.
We have collected the actions of various experts for traders who have a short-term trading horizon:
Expert: Kunal Bothra, the market expert told ETNow
: Buy| Objective Rs 1080 | Stop Loss Rs 990
: Buy| Objective Rs 412 | Stop-Loss Rs 394
: Buy| Objective Rs 330 | Stop Loss Rs 300
Expert: Nooresh Merani, an independent technical analyst told ETNow
: Buy| Objective Rs 800 | Stop Loss Rs 710
: Buy| Objective Rs 360 | Stop-Loss Rs 318
: Buy| Objective Rs 245 | Stop Loss Rs 207
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)