Highlights of the digital stock market. What should traders do on Thursday ⁉️

Nifty bounced back to the green zone after eight sessions, forming a long bull candle, but the broader trend remained bearish. Analysts suggest that the index needs to hold above 17,442 for an upward movement towards 17,600 and 17,777 zones, while support levels are placed at 17,350 and 17,250 zones. Option data suggests a broader trading range between 17,000 and 17,800 zones and an immediate trading range between 17,300 and 17,600 zones. Although the low of Tuesday at 17,255 could be considered a short-term bottom reversal, the medium-term down trend in Nifty remains intact, and the present upside bounce could be considered a pullback rally of a bearish trend. Traders should be cautious as the overall trend remains negative, and the index is still trading below its short-term averages. The major resistance for the index is presently capped at 17,700 levels, and 17,250 will act as immediate support for the prices.