Around midday on April 2, the bellwether market indices began to consolidate close to their all-time high levels. For the past few days, the Nifty has shown a great deal of tenacity in the vicinity of the previous all-time high, which was between 22,500 and 22,530 levels. In the NSE benchmark, a level of 22,425 is an immediate support to be aware of.
The Nifty was down 43.80 points, or 0.19 percent, at 22,418.20 at 11:47 am, while the Sensex was down 190.64 points, or 0.26 percent, at 73,823.91. A little over 2380 shares increased, 902 fell, and 80 were constant.
The Nifty sees important straddle bets created at the 22,500 strike, according to option data. “Over the past few days, the Nifty has shown a great deal of resilience around the immediate vicinity of the previous all-time high, or 22,500–530 levels. For the Nifty to continue to rise, a clear closing above the 22,500–530 levels is required.
“A level of 22,425 is an immediate support to watch out for in the Nifty, while the bigger area of support zone stands at 22,150-22,200. On the higher side, immediate crucial resistance for the Nifty is at 22,500-22,530 levels and the next resistance zone is at 22,750-22,800 levels.”
Tejas Shah, senior vice-president, Technical research, JM Financial
Among individual stock, long build up is observed in Havells, ABFRL, Voltas and BEL. While short build up is witnessed in GujGas, Coal India and GAIL.
“While strong support for the Nifty lies around 22,180, the zone of 22,500-22,520 will be the immediate hurdle for the index for the day. Any sustainable move above the level of 22,520 will lead to a short-covering move in Nifty towards 22,650-22,680 in the short term. If in case index slips below 22,180, it will lead to further selling pressure in the index up to the 22,050-22,020 level.”
Sudeep Shah, DVP and head of derivative and technical research, SBI Securities
