The index is currently placed at the edge of breaking above the immediate hurdle of 21,850 level and a decisive move above this resistance is likely to pull Nifty towards 22,000-22,100 levels in the short term. Immediate support is at 21,720 level, said Nagaraj Shetti of HDFC Securities.
The short-term trend of Nifty remains choppy with alternative candle formations like bull and bear. A sustainable move above the immediate resistance of 21,800-21,850 levels can open a sharp upside towards another resistance of 22,000-22,100 levels in the near term, said Nagaraj Shetti of HDFC Securities.
Nifty exhibited a predominantly sideways trend throughout the day, with traders expressing uncertainty regarding the market s direction. A range-bound movement is expected to persist until a breakout occurs on either side. A decisive upward move beyond 21,950 has the potential to propel the Nifty towards 22,200.
Nifty made a pattern of alternating between up and down days for the seventh consecutive day on Thursday to end 26 points lower and form a small bearish candle on Budget Day.
The trend may continue to be volatile on Thursday, especially as the Interim Budget will be delivered. Support on the lower end is situated at 21,500, while a decisive move above 21,750 might trigger a rally towards 22,100 and beyond.