Tech View: RIL may trigger next leg of rally in Nifty. What should traders do on Wednesday

The Nifty formed a small-bodied bearish candle on Tuesday and remained indecisive between bulls and bears. The hourly Nifty time frame chart showed a negative divergence formation in RSI. However, the index needs to hold above the 18181 zones to see an up-move towards the 18350 and 18500 zones, while support is at 18181 and 18081 marks. India VIX increased from 12.64 to 12.67 levels, resulting in a muted market movement, while options suggest a broader trading range of 17800 to 18500 zones. Experts suggest that the Nifty outlook is positive, and trade should take place between 18150 to 18350 levels.

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