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Immediate support for the Nifty is at 21,550 levels, said Nagaraj Shetti of HDFC Securities. As long as the sharp opening downside gap of Wednesday remains open at 21,970, there is a higher probability of a sell-on rise in the market for the short term. ....
Having declined sharply, there is a possibility of a pullback rally in the short term, which is expected to be a ‘sell on rise opportunity. Important resistance to be watched at 21,700-21,800 levels. ....
For a sustained upward movement towards 22,300, Nifty needs to decisively break above 22,150. On the downside, the immediate support is located at 21,950 levels and a clear break below this level could trigger further corrections towards the 21,800 mark. ....
On the derivative front, the 21,700PE strike added the highest open interest. With this, the supports are now dragged to the higher levels of 21,700-21,600 and sustenance above this zone on a closing basis will aid in garnering further bullish strength, StoxBox said. ....
The market is now placed at the hurdle of a down-sloping trendline that connected recent lower highs at 21,725 level. Having shown a false downside breakout at 21,500 level on Wednesday, Nifty is expected to reach up to the upper trajectory of 21,750-21,850 levels in the near term. ....