F&O Talk | Nifty's northward journey to continue, hurdle at 24,850-24,900: Sudeep Shah of SBI Securities
Nifty is likely to continue its northward journey in the next couple of trading sessions, says Sudeep Shah, Deputy Vice President and Head of Technical & Derivatives Research, at SBI Securities.
«The zone of 24,850-24,900 will act as a crucial hurdle for the index. Any sustainable move above the level of 24,900 will lead to a sharp upside rally up to the level of 25,200, followed by 25,500 in the short term. While, on the downside, the zone of the 100-day EMA zone of 24,350-24,300 will act as immediate support for the index,» he says.
Edited excerpts from a chat:
Nifty ended the week on a positive note but Thursday's weird and unpredictable movements in the index trapped a lot of traders. Will expiry-day trading remain as challenging even after the rationalization of F&O segment by Sebi?
Yes, we believe expiry day trading will continue to pose challenges even after the rationalization of the F&O segment.
On the weekly expiry day, Nifty exhibited extreme volatility, trading within a 562-point range, marking the widest daily range in the last eight sessions. The index saw a sharp 244-point fall in the first half, finding support near the 100-day EMA and subsequently staging an impressive 565-point rally. However, the last hour of trading brought another correction of 365 points, creating a wild, unpredictable trading session that trapped many traders.
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