Bears likely to get stronger below 17,960 on the Nifty, says Ravi Nathani

On the upside, the technical analyst sees 18,336 as the key resistance for the Nifty 50.

Nifty 50

Last close: 18,042.95

Near Term: Keep a watch on the range of 17,990 - 17,960 as trade below this range would trigger negative bias on the index and bears will get stronger, as the next support expected post violation of this range would be between 17,880 – 17,825 / 17,650 – 17,475.

If any day, Index trades between 17,650 – 17,475 it would be treated as must buy for swing traders.

On the other hand, charts suggest that 18,336 plays a very important resistance as once it violates then the next resistance on charts could be expected around 18,450 / 18,650 /