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Given the consistent momentum, the Nifty50 is likely to inch up towards 18,000-18,300 area in May series, with support shifting higher to 17,800-17,700 levels, experts said.
If the Nifty manages to go past 17,700-17,850, it can rise to 18,000, while 17,600 will act as support on the down side, experts have said
Psychological 18,000 mark is likely to be tested in coming sessions if the index manages to hold above 17,700 levels with momentum indicator RSI (relative strength index) showing positive crossover, whereas the crucial support remained at 17,500, experts said.
Overall the index has been in a trading range of 16,800-17,200 for almost couple of weeks and within this range, the every dip is getting bought and every rise is seeing profit taking. Hence, unless and until this range gets broken on either side, the index may remain volatile with negative bias, experts said.
Stock Market Live Updates: The benchmark BSE Sensex slipped 201 points or 0.34 per cent to trade at 58,996 in late deals, while the broader NSE Nifty fell 43 points or 0.25 per cent to trade at 17,612. The domestic indices tanked sharply in early trade.