Gold prices have been given strong returns since 2019. On the upside, we expect Nifty to target the zone of 17,150 -17,200, which coincides with the previous swing high and the 38.2% fibonacci retracement level of the fall from 17,800 – 16,828.The immediate support stands at the lower end of the downward sloping channel 16,800 – 16,850. On the hourly charts, we can observe positive divergence along with a positive crossover on the momentum indicator which indicates loss of momentum on the downside and shall provide speed to the current pullback. Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas What should traders do? Here’s what analysts said: Immediate support is at 16,950 levels, said Nagaraj Shetti of HDFC Securities. A decisive move above the hurdle of 17,200 levels is likely to bring sharp upside momentum for the Nifty in the near term. The lower bottom reversal seems to have confirmed at Monday's low of 16,828 levels and one may expect further upside in the short term towards the lower top formation. Chart readers said the index is currently placed at the crucial overhead resistance of around 17,150-17,200 levels and the market is now showing signs of upside breakout of the hurdle. All Rights Reserved.Tech View: After a gap-up opening, Nifty today formed a small green candle on the daily scale. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. Factset: FactSet Research Systems Inc.2019. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes.
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