"We suggest maintaining a positive yet cautious stance as Nifty is set to retest its record high. Needless to say, we need sustainability above 22,150 to end the consolidation and march towards the 22,500+ zone else profit-taking may resume," said Ajit Mishra, Religare Broking.
Nifty is currently placed at the edge of breaking above the immediate hurdle of 21,850 levels and a decisive move above this resistance is likely to pull Nifty towards 22,000-22,100 levels in the short term. Immediate support is at 21720 levels, said Nagaraj Shetti of HDFC Securities.
The short-term trend of Nifty remains choppy with alternative candle formations like bull and bear. A sustainable move above the immediate resistance of 21800-21850 levels could open a sharp upside towards another resistance of 22000-22100 levels in the near term, said Nagaraj Shetti of HDFC Securities.
Domestic equity indices were muted on Friday and logged weekly losses, weighed down by financials and consumer stocks, as investors digested the fading likelihood of early rate cuts in India and the United States.