“Nifty has had a decent rally from the 15,200 level lows, currently almost reaching the 17,800 descending trendline resistance zone where there is a crucial resistance barrier, and the odds to anticipate a decline or a correction cannot be ruled out.The index got the 17,200 and 17,000 levels where the important 200 DMA sits as strong support area, and there should be a good valid reason to break these levels. at the same time, a decisive break and close above 17,800 would trigger another move higher to around 18,300 levels in the coming days,” said Vaishali Parekh, VP – Technical Research, Prabhudas Lilladher.
“Several narrow-range candles could attract some price consolidation; however, the appearance of three upward gaps over the past ten sessions with momentum oscillators floating in the overbought zone is likely to trigger relatively low price volatility. Nifty’s immediate trading band is between the 17,400 and 17,800 zone,” said Amit Trivedi, CMT, Technical Analyst – Institutional Equities, Yes Securities.
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