Going ahead the hurdle for Nifty50 is at 17,450 (20-day SMA). If the index manages to breach and sustain above 17,450, we might see it moving higher to 17,640 followed by 17,780, says Malay Thakkar of GEPL Capital.
The overall chart pattern indicates small upside for the short term, but the higher possibility of Nifty reversing down from 17,700-17,750 levels in the next couple of sessions. Immediate support is placed at 17,450 levels, says Nagaraj Shetti of HDFC Securities.
Thursday's decisive weakness after a range movement could indicate a sharp reversal of near term uptrend of the market and one may expect further weakness in the coming sessions, says Nagaraj Shetti of HDFC Securities.
The next level to watch is around 15,700. Any sustainable move above 15,700 may cause momentum towards 15,800-15,850, says Rajesh Palviya of Axis Securities.
Potential upside pattern target of 15,800 for the Nifty could open up and this could be achieved over the next few weeks, said Nagaraj Shetti of HDFC Securities.