The short-term moving averages are below the price action and should continue to support the indices on every decline. With 22,000 acting as immediate support to watch out for, the bigger area of support stands at 21,800-850.
Nifty is currently placed at the edge of moving above the minor down- trend line resistance around 21,900-21,950 levels. A decisive break above this hurdle could open the doors for new all-time highs around 22,150 levels. Immediate support is at 21,800, said Nagaraj Shetti of HDFC Securities.
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.