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Tech View: What expansion of outer Bollinger band in Nifty indicates for Thursday’s trade
Nifty broke its three-session losing streak and settled at 24,641.80, gaining by 31.75 points or 0.13%. Meanwhile, the 30-stock S&P BSE Sensex finished flat at 81,526.14, rising by just 16 points. Bank stocks dragged the index despite buying trends in IT, auto and FMCG stocks.
Nifty formed another doji candle well within the range of the last five day's candles, indicating indecisiveness in the index, Dr. Praveen Dwarakanath, Vice President of Hedged.in said, commenting on the day's action.
However, momentum indicators continue to show bullishness in the index, he said. “The index is trading well above the 50-day SMA, indicating bullishness. The expansion of the outer Bollinger band also indicates bullishness in the index. Options writer's data for the monthly expiry showed increased writing of the calls at the 24,800 level and increased writing in the ITM PUT of the 24,800 level, indicating bullishness in the index,” Dwarakanath said.
What should traders do? Here’s what analysts said:
Rupak De, LKP Securities
The sideways trend continued, and Nifty remained within a range. However, the index has sustained above the short-term critical moving average, suggesting a positive trend. Despite this, momentum is lacking, and a strong upside move could occur once the Nifty decisively moves above 24,700. In that case, the index might move towards 25,000. On the lower end, support is placed at 24,500.
Jatin Gedia, Mirae Asset Sharekhan
On the daily charts we can observe that the Nifty has been stuck in a narrow range
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