In light of the broader market strengths, the purchase-on-dep strategy remains in its favor as long as Nifty maintains its recent low of 22,725. The 21-day Simple Moving Average (DSMA) of 23,230 serves as an immediate hurdle, and decisive moves beyond this level can be seen in a short-term bottom reversal, C. said Hrishikesh Yedve, between Mehta’s investments.
According to Open Interest (OI) data, the highest OI on the call side was observed at strike prices of 23,100 and 23,000, while at 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 Markets Desktechnically Satish Chandra Aluri was below the support level of 23,000, but after supporting nearly 23,800 support multiple times, Nifty said he would have more than 23,000 in the next session if the positive queue continues You can try to do that. Bank Nifty posted profits on Wednesday, slightly above the 49,500 level, with 49,000 remaining in immediate support.
Rupak de, LKP Securities
Nifty travels within the band, leaving the unstable atmosphere intact. At the bottom edge, 22,800 could maintain critical support. We don’t expect a major decline in the market until 22,800 breaks. A critical drop below 22,800 can cause meaningful corrections. But until that happens, we think the market is likely to remain in scope. At the high end, 23,000/23,150 could act as a Nifty resistance. Over 23,150 decisive breakouts could induce large gatherings in the market.
Om Ghawalkar, Share.Market
Nifty opened with a 98-point gap lowered and fell a day within the first five minutes. Throughout the day, Nifty showed volatility in both directions, earning a high of 23,049 and a low of 22,814, and ultimately traded within the 235 points range. According to technical analysis, NIFTY is supported in zones 22,800-22,700. The advantage is that iTfaces are minor resistance around 23,000 levels that act as a psychological barrier. If Nifty breaks up and maintains this level, the next resistance zone could be in the range of 23,300-23,400.
(Disclaimer: recommendations, suggestions, opinions and opinions given by experts are unique. These do not represent views of the economic era.)
