Tech View: Nifty forms Doji candle. What traders should do next week

What should do? Here’s what analysts said:

Jatin Gedia, Sharekhan

We believe that this is just a brief pause in the overall up move. On the , Nifty has achieved our initial target of 23,000 and hence we raise it to 23,150 where the upper end of the rising channel is placed. One should place a trailing stop loss of 22,800 for long positions.

Tejas Shah, Technical Research, JM Financial & BlinkX

We expect an upwards trending activity to continue and the index should move towards the next zone of 23,150-200 either continuously from current levels or may be after a minor dip. Support for Nifty is now seen at 22,750-800 & 22,500 levels. On the higher side, the psychological resistance is at 23,000 mark and the next resistance is at 23,150-200 levels. Overall, the indices could stay volatile but the trend and trajectory is still positive.

Rupak De, LKP Securities

remained sideways during the day after crossing above 23,000. Sentiment might remain subdued in the next few days, with the index ranging between 22,950 and 23,050. Heavy call and put writing activity at 23,000 suggests a possible range-bound trade in the near term. Only a decisive fall below 22,950 might take the index towards 22,800. On the other hand, a sustained movement above 23,050 might lead to a meaningful rally.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)