Given the strong optimism, the bulls are likely to take the Nifty 50 to the 22,000-22,200 zone in near term with an immediate support at 21,800-21,700 levels, followed by crucial support at 21,500 mark, experts said.
The Nifty has just broken out from the flag pattern, and may further accelerate towards 22,118 levels. As long as it is above 21,580, buying on dips can be a prudent strategy.
Looking forward, the immediate resistance for Nifty is identified at the record high level of 21,834, with an additional resistance level at 22,000. On the downside, crucial support levels are recognized at 21,330 and 20,975.
Engineers India formed robust bullish candlestick pattern on the daily timeframe with significantly higher volumes. The rally of 10 percent was after 5-6 days of consolidation and now the stock traded above all key moving averages.