Over near term, Ashish Kyal expects rangebound movement between 21,840 – 21,420 for the Nifty 50. Break of this range can provide trading opportunity in that direction.
Budget 2024: Positive announcements could push Nifty beyond 21,850, and that the index could aim for all-time high levels around 22,100. A break below 21,400 and 21,200 may trigger selloff.
The Call writers (bears) have sizeable positions at 21,700 & 21,800 strikes in Nifty and short covering at these levels in the coming week can push the Nifty Index higher from this level.