Sectorally, selling was seen in banking, IT, financials, real estate and auto stocks, while buying was seen in oil & gas and metals stocks.
Crucial support for the index is at the level of 17000 and further to the level of 16800, analysts note.
The highest new replenishment OI was seen at 17800 for calls and 17000 for puts on weekly and at 18000 for calls and 16000 for puts on monthly contracts.
“The failure to move above 17,690 after yesterday’s early surge suggests that the bullish momentum has weakened,” said Anand James, chief market strategist at
said.
This would mean that eyes are now on the 17470-17400 region discussed on Tuesday to see if buyers can regroup to stop the 17000-16650 drop, he added.
We have collected shares of various experts for traders who have a short-term trading horizon:
Expert: Nagraj Shetty, technical and derivatives analyst at Securities, told ETBureau
BF Investment: Buy| Target Rs 332| Stop Loss Rs.299
Volume has started to increase during the price breakout to the upside, and the weekly RSI is showing a positive indicator.
Balrampur Chini Mills: Buy| Target Rs 397| Stop Loss Rs 362
A steady upward movement with a positive pattern on the chart, such as higher highs and lows, which indicates strength.
Expert: Kunal Bothra, market expert, told ETNow
NALCO: Buy| Target Rs.84| Stop Loss 77 Rs
UPL: Sell| Target Rs 720| Stop Loss Rs 750
Andhra Paper: Sell| Target Rs.450| Stop Loss Rs 473
Expert: Nuresh Merani, an independent technical analyst, told ETNow
Power Grid: Buy| Target Rs 250| Stop Loss Rs.220
M&M Finance: Buy| Target Rs 235| Stop Loss Rs 210
Tata Power: Buy| Target Rs 270| Stop Loss Rs 235
(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own. They do not reflect the views of Economic Times)
