The short-term pattern of Nifty stays constructive with range-bound motion. A decisive break under the help of 21,900-21,850 is more likely to drag the index all the way down to 21,500 ranges in a fast interval. Any upside bounce from right here might encounter sturdy hurdles round 22,200 ranges, mentioned Nagaraj Shetti of HDFC Securities.
Open Curiosity (OI) information confirmed the decision facet had the very best OI at 22,200 strike worth, adopted by 22,500 strike worth. On the put facet, the very best OI was noticed on the 21,800 strike worth.
What ought to merchants do? Right here’s what analysts mentioned:
Rupak De, LKP Securities
Nifty remained unstable all through the day, oscillating between 21,900 and 22,100. Bulls have so far managed to defend the 21,900 stage efficiently. Nevertheless, a dip under 21,900 might strengthen the bears’ place, though for now, any downturn is being met with shopping for exercise. On the upside, a sustained upward motion past 22,100 could propel the index in the direction of 22,250 and past. Assist is established at 21,900, under which the index may decline in the direction of 21,700.
Ajit Mishra, Religare Broking
The latest worth motion in Nifty exhibits indecisiveness among the many contributors and frequent breakout failures on the stock-specific entrance additional including to their worries. We thus really feel it’s prudent to restrict positions within the present state of affairs and await readability over the subsequent directional transfer.
Jatin Gedia, Sharekhan
Nifty continues to be buying and selling within the vary 21,900 – 22,200 for the reason that final three buying and selling classes and a decisive breach shall result in trending strikes in that path. So, till the help zone is held, we will count on the constructive momentum to renew. By way of ranges, 22,215 – 22,250 is the rapid hurdle zone whereas 21,900 – 21,860 is the essential help.
Tejas Shah, Technical Analysis, JM Monetary & BlinkX
Nifty is buying and selling round a make-or-break help zone of 21,850 to 22,000 ranges and any decisive shut under the identical can set off 1% to 2% fall in Nifty on a right away foundation or else probabilities of a bounce again from this help zone may be very excessive.
(Disclaimer: Suggestions, recommendations, views and opinions given by the specialists are their very own. These don’t signify the views of The Financial Instances)