The near-term uptrend status of Nifty remains intact and the short-term trend is choppy. Further consolidation or minor dip could be a buying opportunity. A sustainable move above 22,500 could open next upside towards 22,800 levels. Immediate support is at 22,200 levels, said Nagaraj Shetti of HDFC Securities.
Analysing the Open Interest (OI) data, the highest OI on the call side was observed at the 22,500 followed by the 22,600 strike prices. Conversely, on the put side, the highest OI was recorded at the 22,100 strike price.
What should traders do? Here’s what analysts said:
Tejas Shah, JM Financial & BlinkX
Nifty is facing a lot of resilience around 22,400-500 levels for the past couple of days on an immediate basis. We need to witness a decisive close above 22,400-500 levels for further…