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Nifty trading range has narrowed down, says Ravi Nathani

According to the technical analyst, the near-term trading range on the Nifty is 18,149 - 17,760, close above or below would add trigger in the direction.

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Ravi Nathani Mumbai
Nifty 50
Last close: 17,894.85

Index trading in range bound since the start of this month, the previous range was 18,265 – 17,775, the new range which is now applicable on near-term charts is 18,149 – 17,760, close above or below would add trigger in the direction.

Technical indicators like MACD are still negative, whereas near-term averages are flat this means some directional moves will be expected very soon, therefore traders shall keep a strict watch on the above-mentioned range and take positions accordingly.

Intraday No Trade Zone: 17,850 - 17,950

Expected Intraday Resistance: 18,010 – 18,110 - 18,325

Expected Intraday Support: 17,815 – 17,750 –

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First Published: Jan 17 2023 | 7:42 AM IST

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