Street signs: Nifty support seen at 17,400, Shipbuilding stocks zoom & more

Nifty support seen at 17,400
 

The markets remained under pressure throu­ghout last week as rising bond yields dampened investor sentiment. The Nifty50 index ended the truncated week at 17,476 — close to its 20-day exponential moving average of 17,450.

Technical analysts say the index could remain rangebound during the remainder of April series, with a slight negative bias. “From a broader perspective, the index may see a time-wise correction in the second half of the April series, with more opportunities in sector-/stock-specific momentum.

The immediate support for Nifty is placed around 17,370 and 17,275, and resistances seen around