Any dips from here could be a buying opportunity towards the support of 22,225-22,200 levels. The near-term upside targets to be watched around 22,600-22,800 levels, Nagaraj Shetti, Senior Technical Research Analyst, HDare FC Securities.
Upon scrutinizing the Open Interest (OI) data, the call side revealed the highest OI at 22,500, followed by the 22,800 strike prices. On the put side, the maximum OI was observed at the 22,200 strike price.
What should traders do? Here’s what analysts said:
Jatin Gedia, Sharekhan
On the daily charts, we can observe that Nifty has been inching higher and more importantly held on to the gains which is a positive sign. This consolidation should be considered as a healthy sign and in case the index dips in the process of retesting the breakout (22,300 – 22,250) it should be considered as a buying opportunity. The key hourly moving averages placed in the range 22,290- 22,230 shall act as a crucial support zone and potential entry zone in case of a dip. The initial target on the upside is placed at 22570 – 22600 where the hourly upper Bollinger band is placed.
Tejas Shah, Technical Research, JM Financial & BlinkX
Nifty closed above the crucial resistance zone of 22,250-300 levels for two consecutive days, which is a positive sign. Support for Nifty is now seen at 22,250-300 and 22,125-150 levels. On the higher side, the immediate resistance zone for Nifty is at 22,450-500 levels and the next resistance is at 22,700 Mark. Overall, all dips should be used as an opportunity to buy.
Sheersham Gupta, Rupeezy
Nifty traded in a narrow range of 80 points the entire day. However, in a 30-minute timeframe, Nifty can be seen rejecting prices at lower levels. The put-call ratio (PCR) stands at 1.26 indicating a bullish bias for the index. As per the option chain, 22,500 is expected to offer some resistance and once that level is breached, it can march towards 22,720. On the downside, support is anticipated in the range of 22,250-22,300.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
