Tech View: Nifty charts hinting at profit booking ahead. What should traders do on Wednesday

India’s headline equity index Nifty closed below the 18,300 mark, forming a bearish engulfing candlestick on the daily chart to finish 112 points down. Chandan Taparia of Motilal Oswal noted that the Nifty had to hold above 18,250 zones to witness an upmove towards 18,400 and 18,442. Experts said that technically, a reversal formation and bearish candle on daily charts suggest profit booking may continue with resistance at 18,400. The index could drop to test the level of 18,200 and may fall up to 18,150, according to Kotak Securities’ Shrikant Chouhan.

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