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 options data indicated that the Nifty may march towards 22,200-22,300 in near term but also has a possibility of moving towards 22,500 in the short term, with immediate strong support at 21,800-21,700 levels.
The Nifty IT was the star performer, gaining more than 5 percent and formed strong bullish candlestick pattern on the daily charts after a breakout of downward sloping resistance trendline in the opening itself
Nykaa has seen a strong breakout after several weeks of consolidation. The stock has seen a formation of long bullish candlestick pattern on the daily charts with healthy volumes.
As the market advances, it is advisable to focus on risk management and have a selective approach while looking out for thematic movers amidst the ongoing sectoral rotation, Sameet Chavan said.