Nifty broke the crucial support of 22,000 following yesterday’s bearish engulfing candle. The immediate support for Nifty is 21,850 where also lies its 20-EMA, followed by 21,750. For Bullishness to return in the markets, Nifty will have to close above 22,000
Bank Nifty has successfully maintained its short-term moving averages of 10 and 20 DEMA, positioned around 46,000. Now it faces crucial resistance at 47000 levels.
With Nifty Pharma closing in on all-time high, more momentum-based trades can be expected in the short term in names such as Sun Pharma, Dr. Reddy s and Cipla, say experts
The critical support zone for Nifty is now positioned at the 10-20 EMA zone of 21750-21800, with resistance at higher levels expected around the 22120-22100 zone.