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Having breached the recent highs of 22,249, the Nifty is expected to move towards the next upside target of 22,500-22,600 levels in one week. Immediate support is at 22,050, said Nagaraj Shetti of HDFC Securities.
Open Interest (OI) data showed the call side had the highest OI at 22,400, followed by the 22,500 strike prices. On the put side, the maximum OI was observed at the 22,000 strike price.
The hourly momentum indicator has triggered a fresh positive crossover and with the daily momentum indicator already having a positive crossover should provide speed to the up-move. Both price and momentum indicators are suggesting a continuation of the positive price action, chartists said.
What should traders do? Here’s what analysts said:
Rupak De, LKP Securities
The market remained highly volatile due to the weekly expiry of Nifty options. On the lower end, it found support at the 21EMA before rallying towards higher levels. The momentum indicator has experienced a bullish crossover. Overall sentiment has turned positive once again, with the potential to reach towards 22,400/22,600 in the short term. On the lower end, support is placed at 22,100
Jatin Gedia, Sharekhan
On the daily charts, we can observe that the Nifty has found support in the zone 21,890 – 21,840, which coincides with the 50% Fibonacci retracement level (21,890) and the 20-day moving average (21,838). On the upside, the immediate hurdle is placed at 22,460 – 22,500 and on the downside Thursday’s low (21,875) shall act as a crucial support level from a short-term perspective.
Tejas Shah, Technical Research, JM Financial & BlinkX
The key takeaway for Nifty is that it is bouncing back from the psychological support level of 22,000 and is also holding above the same on a closing basis. Presently, the momentum is with the bulls and we believe that as long as Nifty is holding above the 21,800 mark, the present rally, which started recently, is likely to continue for a few more days or weeks. Support for the Nifty is now seen at 22,000 and 21,800 levels. On the higher side, the immediate resistance zone for Nifty is at 22,250-300 levels and the next crucial resistance is at 22,500 mark.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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