A critical move below the 22,800 level of support could open up the next downside of around 22,450 levels (20 months of EMA) any time soon. According to Nagaraj Shetti of HDFC Securities, the immediate resistance is located at 23,250.
In open profit (OI) data, the highest OI on the call side was observed at strike prices of 23,000 and 23,100, while on the put side the highest OI was 22,900, following the 22,800 strike price.
What should a trader do? Here’s what the analyst said:
Lemonn’s Satish Chandra Aluri extended his losses in eight consecutive sessions on Friday. President Trump’s plan to impose mutual tariffs that could affect India weighed heavily on the index. Technically, the NIFTY 50 is below the 23000 support level, with further losses possible in future sessions, and the 22800 is the next immediate support.
Hrishikesh Yedve, ASIT C. Mehta Investment Interrmemates
Technically, NIFTY forms around 22,780 triple bottoms on a daily scale, showing strong support. However, red candles on both daily and weekly charts show a lack of strength in upward recovery. The 21-day Simple Moving Average (DSMA) is located at approximately 23,260, with the 23,260-23,300 zones being an immediate hurdle. The decisive moves of over 23,300 can be seen in a short-term bottom reversal pattern.
Jatin Gedia, Sharekhan
On the daily chart, you can observe that NIFTY has tested its third swing LOW at 22800 in the past month. Nifty continues to decline and believes it is likely that it will test between 22,670 and 22,600 wedges within the next week. Conversely, the resistance zones between 23,000 and 23,100, which coincides with the main hourly moving average, shall rise during the check. Over the 23,000-23,300 call option strikes, Nifty pullbacks are expected to be on sale until call writers relax, putting pressure on the benchmarks. Overall, we will continue to maintain a negative stance.
(Disclaimer: recommendations, suggestions, opinions and opinions given by experts are unique. These do not represent views of the economic era.)
