Nifty 50 closed lower due to state-run banks, while S&P BSE Sensex closed slightly higher. Analysts suggest selling if Nifty breaches 22348 or rises to 22570-22620. US markets rose on Fed rate cut hopes.
The last trading day of the week saw the index swinging wildly. During the week, the Nifty oscillated in a 446.65 range before closing the week on a flat note. The benchmark Index posted minor weekly gains of55.90 points.
Nifty ended about 39 points lower on Tuesday to form a Shooting Star pattern on the daily chart to indicate strong possibility of further weakness from current levels.
Nifty options radar suggests a Bull Call spread during election uncertainty. Trading within 22,700 - 22,400 range. Shrey Jain recommends a strategy with max loss at Rs 826 and potential profit up to Rs 4,174. Positive trend indicated by MACD Index and MA levels.