Tech View: 19,200-19,600 new trading range for Nifty. What traders should do on Friday

economictimes.indiatimes.com:

Nifty formed a bearish candle with a longer lower shadow on the daily charts on Thursday expiry. Now till it holds below 19,420 zones weakness could be seen towards 19,200 and 19,100 zones while hurdles are placed at 19,560 and 19,650 zones, said Chandan Taparia of Motilal Oswal. India VIX was down by 0.84% from 11.27 to 11.18 levels.

Volatility spiked towards 12 and sank gradually during the day. Option data suggests a broader trading range between 19,000 and 20,000 zones while an immediate trading range between 19,200 and 19,600 zones.What should traders do? Here’s what analysts said:Osho Krishan, Angel OneOn the technical charts, the benchmark index is hovering near the sacrosanct support of the bullish gap at 19,201-19,235, which might act as a pitstop for the bears in the near term, before which 19,300 might provide some cushioning. While on the flip side, 19,500 is likely to be seen as an immediate hurdle (coincides with 20 DEMA), followed by the bearish gap around 19680 in the comparable period.Shrikant Chouhan, Head of Research (Retail), Kotak SecuritiesNifty is comfortably trading below the 20 day SMA (Simple Moving Average) and is also holding a lower top formation on intraday charts, which is indicating further downside from the current levels.

On the higher side, the market could move up till 19,450-19,500. On the flip side, below 19,350, the selling pressure is likely to accelerate. Below which, the market could slip till 19,300-19,250.Rupak De, Senior Technical analyst at LKP SecuritiesThe index fell sharply following a breakdown below 19,500.