Jindal Stainless has recently given a breakout at its all-time high level of Rs 622. This configuration hints at a potential bullish momentum in coming trading sessions.
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Looking forward, immediate resistance levels for Nifty are identified at 21,850, with an additional hurdle at 22,124, representing the life high level. On the downside, crucial support levels lie at 21,350 and 21,100.
"Markets are not in a hurry for the next directional move and the recent price action reaffirms our view," Ajit Mishra, SVP - Technical Research, Religare Broking said. Traders have no option but to align their positions accordingly and focus more on stock-specific trading approaches, Mishra said as he showed a silver lining in the clouds in the form of action in broader markets.