Traders can adopt buy on dips strategy on Nifty, Bank Nifty: Ravi Nathani

The technical analyst expects an upside target of 17,800 - 17,900 on the Nifty, with stop loss of 17,400.

Nifty 50 Index

Bias: Buy on Dips

Last close: 17,594.35

During the previous trend session, there was an evident and rapid recovery, pointing towards a pullback rally. A current close above 17,590, indicates that the index is expected to be bullish in the very short term, and there will likely be resistance in the range of 17,800 - 17,900.

As a result, traders are advised to purchase on dips while keeping a stop loss of 17,400 for a target of 17,800 - 17,900. The pivot levels for the month are also centered around 17,875.

If there is a substantial breakout above 17,900, the trend is