Tech View: Nifty charts hint at reversal on the downside. What should traders do on Friday

Nifty formed a downside reversal pattern on Thursday with immediate support levels at 18,580 and 18,530 zones, establishing a broader trading range of 18,450 to 18,900 zones, according to option data. Holding above 18,666 could spur Nifty’s up move towards 18,786 and 18,888 zones. Senior technical analyst Rupak De says Nifty maintaining 18600 supports the trend staying sideways. Technical research analyst Nagaraj Shetti expects a higher bottom of the sequence in the short term, finding cluster support around 18,560-18,450 levels. Meanwhile, Jatin Gedia says the crucial support zone is placed at 18,530 – 18,500 with today’s high of 18,778 – 18,800 acting as an immediate hurdle.

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