Tech View: Nifty charts hint at non-directional nature. What traders should do on Friday

economictimes.indiatimes.com:

Nifty on Thursday formed an Inside Bar candle on the daily chart. Now, till it holds below 19,420 zones some more profit-booking could be seen towards 19,300, then 19,250 zones, whereas resistance exists at 19,480 then 19,560 zones, said Chandan Taparia of Motilal Oswal. The negative chart pattern like lower tops and bottoms is active on the daily chart and the market has not shown any decisive upside bounce so far.

India VIX was up by 0.99% from 12.12 to 12.24 levels. Volatility rose above 12.5 during the day and has been rising from the last few sessions. Options data suggests a broader trading range in between 19,000 to 19,700 zones, while an immediate trading range was in between 19,200 to 19,500 zones.

What should traders do? Here’s what analysts said:Rupak De, Senior Technical analyst at LKP SecuritiesThe prevailing sentiment stays negative as the index continues to stay below the crucial moving average. Looking at the upper range, the sell-on-rise approach might be more effective as long as the level of 19,525 remains unbroken. On the downside, levels around 19,250 serve as immediate support in case of any decline.Nagaraj Shetti, HDFC SecuritiesThe short-term trend of Nifty remains choppy with weak bias.

There is a possibility of a downside breakout of the key lower support around 19,300-19,250 levels in the short term and that could possibly drag Nifty down to another support of 19,100-19,000 levels in the near term. Any rise from here could find strong hurdles at 19,600 levels.Shrikant Chouhan, Head of Research (Retail), Kotak SecuritiesTechnically, the market is consistently facing selling pressure near the 19,480 level, while regularly taking support near 19,320. In addition, on daily charts, the index has