As earnings season progresses and markets track global developments, the volatility is expected to prevail. Experts suggest adopting a prudent strategy of accumulating quality stocks on declines is advisable.
Support levels for the Nifty are now identified at 21,850 and 21,700-750. On the upside, the immediate psychological resistance for the Nifty is at the 22,000 mark, with the subsequent resistance zone situated at 22,125-150
Nifty s immediate support lies at 21,650, followed by 21,500 zones, while resistance is expected at 21,850 and then 22,000 zones. Now, it has to maintain levels above 21,750 zones for an upward movement towards 21,850 and 22,000 zones.
Going forward, the resistance is seen at 21850-21900, while support is placed at 21600-21650 zone, which is a confluence of 10-20 EMA. In case 21600 is breached, Index could witness a further slide towards 21450-21470 zone on the downside. Above 21900, the Index could witness an extension of its rally rebound towards 22070-22150 levels.
The trend is likely to be volatile. The index it needs to hold above 20,250 to move towards 20,450 and then 20,600 levels. A slip can result in a decline towards 20,100 and then 20,000