Traders can use the dip to create long positions in Nifty futures around 17,100 levels for targets of 17,600-17,750. One can use 16,900 as a stop loss for this long trade. On the sectoral front, we expect auto, banking, financials, power, and capital goods to outperform, while IT, FMCG, and metals can be the laggards.
Tech View: Nifty charts throw up dark clouds. What traders should do next week
Nifty’s short-term trend seems to have reversed down after a reasonable rise from the lows. Immediate support is placed at 22,300 and the weakness below
April 26, 2024