Page 5 - Technical View News Today

The options data suggests that 21,700 mark will be the key hurdle on the higher side and 21,500 will be the immediate support on the lower end

The options data suggests support at 21,500-21,600 in the immediate term, while 21,800 is the resistance area

While experts believe that the market valuations were expensive on the back of multiple new peaks hit since September last year, do the recent corrections make for a good buying opportunity?

The options data shows in index may face resistance in the 21,500-21,800 range in the coming sessions, with immediate support at 21,400, and then 21,000

The options data indicates that 21,500 is expected to be the immediate support for the index and 21,700-21,800 the likely hurdle

For Nifty, support is at 21,800 and then 21,500, while resistance is at 22,200. Stock-specific action and sector rotation is likely during consolidation, analysts said

The options data indicated that the Nifty may march towards 22,200-22,300 in near term but also has a possibility of moving towards 22,500 in the short term, with immediate strong support at 21,800-21,700 levels.

The Nifty IT was the star performer, gaining more than 5 percent and formed strong bullish candlestick pattern on the daily charts after a breakout of downward sloping resistance trendline in the opening itself

The options data clearly indicated that 21,700 is expected to be an immediate hurdle for the Nifty 50, while immediate support may be at 21,600.

The options data indicated that 21,700-21,800 is expected to be an immediate resistance area for the Nifty 50, with support at 21,500.