According to Nagaraj Shetti of HDFC Securities, further upside can be expected in the coming sessions, with potential upside levels at around 22,800. Immediate support is seen at 22,300-22,250 levels.
Open Interest (OI) data shows the highest OI on the call side at 22,500 strike prices and on the put side at 22,300 strike price.
Analysts’ Views:
Derivatives data suggests short positions in the index futures segment, with positive RSI readings indicating a ‘Higher Top Higher Bottom’ structure. This may lead to short covering and push the indices higher. Immediate support for Nifty is at 22,200, with possible targets at 22,700.
Osho Krishan, Angel One:
The support zone at 22,200 is significant and likely to provide near-term cushion, followed by 22,150 and 22,000. With a strong bullish candle formation, 22,600-22,650 could be the next resistance.
Rupak De, LKP Securities:
The index showed volatility but closed strong, maintaining a positive short-term trend above the 21-EMA on the daily chart. RSI indicates bullish momentum, with support at 22,350. Potential targets for Nifty are between 22,600 and 22,700.
(Disclaimer: Recommendations and opinions are those of the experts and do not reflect The Economic Times’ views)
