The recent price action indicates that bulls are consolidating their positions at record-high levels, awaiting fresh triggers. As per technical analysts on daily chart, Nifty has formed a bullish engulfing pattern with significant volume, signaling a strong underlying bullish sentiment in the market.
The momentum indicator has undergone a bullish crossover, reinstating a positive overall sentiment. According to technical analysts, the Nifty can rise to 22,400 and 22,600 in the short term
Bank Nifty s immediate support is at the 50 DMA zone of 46650-46750. If this level holds, momentum may strengthen towards the 47400-47600 zone. Breaking 46650 could lead to a test of the next support at 46400-46250.