Till Nifty holds below 23,700, weakness could extend towards 23,500, then 23,400 levels, while on the upside, hurdles can be seen at 23,800, then 23,900 zones.
Nifty outlook for Feb 12: Index consolidates near 25,950 amid mixed sectoral trends. Ajit Mishra recommends Glenmark Pharma, Nippon Life and TVS Motor as stocks to buy today.
With a likely trading Nifty range of 23,700-24,700 in the coming week, a Short Strangle strategy could be an effective way to capitalise on expected consolidation
Nifty Today: The index is expected to consolidate in a range between 23,200 on the downside and 24,200 on the upside. A breakout beyond this range will trigger a decisive move
The bulls are back, as recent sessions have established a base around the key support of the 50-Day EMA, and last Friday's strong momentum suggests that prices are forming a structural bottom
Typically, a high India VIX indicates that the market is expecting increased volatility, whereas a low India VIX suggests anticipation of low volatility
According to Ravi Nathani, an independent technical analyst, a breach of 21,500 could trigger a consolidation phase with a negative bias, with Nifty seeking support at 21,125, 20,700, and 20,350.
Meanwhile, the market's attention in the next few weeks will shift to the outcome of the Gujarat assembly election and the monetary policy action of the Reserve Bank of India (RBI)
